Iron ore ticked higher as Chinese steel mills stock up ahead of activity resuming in the spring.
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Singapore futures of the steel-making ingredient rose as much as 1.2% on Thursday, after slumping earlier in the month as producers pare back operations during the winter off-season. Output at major mills has shrunk to its lowest in about three months, according to the China Iron and Steel Association.
Iron ore has fallen almost 30% this year, largely due to pessimism over demand from China and its weak construction sector. Sentiment remains fragile, although the government has promised to do more to boost the economy.
Prices were 0.9% higher at $101.35 at 10:48 a.m. in Singapore.
