The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) rose 1.42% in intraday trading to 965.5 yuan ($134.70) a tonne, its highest level since January 12.
The benchmark iron ore price for February on the Singapore Exchange rose 2.01% to $131.55 a tonne by 0724 GMT, also its highest level since January 12.
China will take stronger and more effective measures to boost market confidence, state media CCTV said on Monday, citing a cabinet meeting held after China’s stock market plunged.
Meanwhile, China’s major state-owned banks took steps on Monday to strengthen the yuan’s exchange rate and prevent it from depreciating too quickly, Reuters reported.
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Beijing on Monday kept its key interest rate unchanged at its monthly setting, following last week’s decision to keep medium-term credit rates steady, reflecting Beijing’s limited room to ease monetary policy amid pressure on the yuan.
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Beijing has set a growth target of around 5% for 2024, exceeding last year’s target of more than 4.5%, although growth is expected to slow.
“Many steel mills have completed a wave of iron ore purchases to meet production needs during the Lunar New Year holiday, while some small steel mills may have to return to the port market for sporadic purchases in the coming weeks.” Mysteel analyst in Shanghai.
Other steelmaking raw materials on the Dalian Commodity Exchange also rose, with coking coal and coke rising by 0.3% and 0.73% respectively.
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Benchmark steel prices rose on the Shanghai Futures Exchange as commodity prices rose.
Steel bars rose 0.34%, hot-rolled coils rose 0.42%, wire rods rose 0.27%, and stainless steel rose 1.52%.
(1 USD = 7.1676 RMB)
