MARKET WATCH - Iron Ore Rises Amidst Hopes for Chinese Stimulus and Pre-Holiday Stockpile Increase

Forex - Iron ore futures rose due to increased investor sentiment stemming from ongoing hopes that China will implement more stimulus measures and the country's steel mills continuing to replenish stocks ahead of the holiday.

The May iron ore contract at the Dalian Commodity Exchange (DCE) finished the morning session up 0.97% at 784.5 yuan/ton (107.48 dollars).

The benchmark January iron ore on the Singapore Exchange rose by 0.6% to 101.7 dollars/ton at 07:06 GMT.

According to a report based on a work conference held by China's housing regulator on Tuesday and Wednesday, efforts to stabilize the country's property market and prevent further declines will continue into 2025.

Analysts noted that this, combined with ongoing expectations for Beijing to announce more stimulus, has bolstered broader market sentiment and supported the main steel production component.

Chinese steel producers typically accumulate stocks to meet production needs during the holiday and after the Chinese New Year, which begins on January 28.

On the DCE, coking coal rose by 0.26%, while coke fell by 0.25%.

On the Shanghai Futures Exchange, rebar increased by 0.51%, hot-rolled coil by 0.58%, wire rod by 0.79%, and stainless steel by 0.35%.