Dalian iron ore futures prices retraced earlier losses on Monday, as firmer steel prices and revived hopes of stimulus in top consumer China added support to the volatile market.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.71% higher at 712 yuan ($99.70) a metric ton.
The contract hit its weakest level since August 2023 at 688.5 yuan earlier in the session.
The benchmark September iron ore on the Singapore Exchange was 3.14% higher at $94.9 a ton, as of 0740 GMT.
The domestic steel market is expected to stabilize this week, as building materials prices hold steady after weakening last week, Chinese financial information site Hexun Futures said in a note. Demand for rebar and wire rod is likely to improve slightly, as the weather becomes pleasant for outdoor construction, while output and inventories may decline further, said Chinese consultancy Mysteel.
(Reuters)
