Iron ore futures rose to around CNY 813 per ton on Tuesday, hitting their highest level in nearly five months amid growing expectations of fresh stimulus from top consumer China. Sentiment was lifted by the launch of a CNY 1.2 trillion hydropower project, which is expected to drive demand for construction materials like steel and concrete. Prices also benefited from ongoing efforts to reduce overcapacity and curb excessive competition in China’s steel industry—moves that have improved profit margins for steelmakers and supported higher output. Further optimism came from the industry ministry’s broader action plan to stabilize growth across key sectors including machinery, autos, and electrical equipment. The plan targets 10 core industries such as steel, nonferrous metals, petrochemicals, and construction materials, reinforcing expectations of sustained demand for industrial commodities.
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