Iron ore futures climbed above CNY 720 per ton, reaching a one-month high as investors anticipated a recovery in demand due to seasonal factors ahead of the September peak construction season. Construction activity in top consumer China typically picks up ahead of winter, strengthening the outlook for demand for steel and raw materials. China’s National Development and Reform Commission also reportedly held meetings in recent weeks urging local governments to accelerate the construction of major projects. Meanwhile, higher freight and oil costs provided additional support for iron ore prices, although rising coking coal prices continued to squeeze steel mill margins. Industry data also showed that the blast furnace operating rate among Chinese steel mills edged lower last week, while daily hot metal output also declined.