Iron ore futures in China rose above CNY 780 per ton, reaching a two week high amid optimism that top consumer China may roll out new stimulus measures, while port inventories continued to tighten. Over the weekend, Finance Minister Lan Foan said fiscal policy will be strengthened over the next five years, noting that China will use tools such as the budget, taxation, government bonds and transfer payments to provide sustained support for economic and social development. Meanwhile, total iron ore inventories across 35 major ports in China fell by 1.32 million metric tons. Steel demand growth is picking up in China’s non-property sectors, which now account for more than 72% of total steel demand. The property market also shows signs of stabilizing, though meaningful growth in steel and iron ore demand is unlikely until new construction activity improves
