Dalian iron ore set for fourth weekly gain on demand optimism
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) rose 0.7% to 787.5 yuan ($109.67) a metric ton, as of 0320 GMT. The contract has gained 3.01% this week. The benchmark August iron ore on the Singapore Exchange was 0.57% higher at $101.4 a ton, up 2.19% this week.
Traders are optimistic about improving steel margins following Beijing's signals to tackle over-capacity, while hopes for new property-sector stimulus have further lifted market sentiment, analysts from ANZ said in a note.
Lower inventories for both iron ore and steel are also fuelling expectations of restocking in the months ahead, ANZ added.
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