MARKET OUTLOOK - Iron Ore Hits One-Week High Supported by Resilient Demand

Iron ore prices climbed to their highest level in over a week as investors and traders anticipated new guidance regarding China's outlook, weighing strong near-term demand against high port stocks.

The January iron ore contract at the Dalian Commodity Exchange (DCE) was trading up 0.45% at 778 yuan/ton ($107.45) at 05:43 GMT. The contract reached a peak of 782 yuan in early trading, the highest level since November 8.

The benchmark December iron ore on the Singapore Exchange rose 0.86% to $101.9/ton. In early trading, the contract hit $102/ton, the highest point since November 11.

Analysts noted that ore prices found some support from resilient demand; however, the increase in shipments arriving by sea has led to higher port stocks, limiting upward movement potential.

Coking coal and coke on the DCE increased by 0.51% and 0.13%, respectively.

Steel indicators on the Shanghai Futures Exchange gained value, with rebar up 0.39%, hot-rolled coils rising 0.2%, and stainless steel increasing by 0.3%.