Wedoany.com Report-Dec.30, Influenced by the general uptrend in the metal market at year-end and policy expectations, iron ore prices have risen continuously recently, approaching their best closing level since last November. Iron ore futures on the Singapore Exchange rose for a third consecutive trading day, with intraday gains reaching nearly 1.8% and touching $106.55 per ton. Iron ore futures on China's Dalian Commodity Exchange also extended their gains, with a single-day increase of up to 2.6%, setting a recent record.

This rise in iron ore prices occurred against the backdrop of overall activity in the metal market, with prices for metals such as copper and silver also showing strength during the same period. Market sentiment was simultaneously boosted by policy developments in China. China's National Development and Reform Commission recently stated that it will deepen reforms in related industries, including steel, starting from 2026. Following the year-end meeting, China's Ministry of Finance also mentioned plans to expand government expenditure and optimize capital allocation methods in 2026.

The current upward trend has not been directly affected by rising inventory data. Industry data shows that iron ore inventories at Chinese ports have grown for several consecutive weeks to their highest level in over a year. This reflects that the recent price increase is driven more by futures market sentiment and long-term expectations rather than a significant improvement in immediate spot demand. Over the past few months, iron ore prices have remained resilient overall despite pressure on downstream demand.

As of 2:59 PM Singapore time, iron ore futures on the Singapore Exchange ultimately rose 1.4%, closing at $106.15 per ton. Iron ore futures contracts on the Dalian Commodity Exchange, priced in Chinese yuan, closed up 1.7%.