Iron ore futures prices climbed, supported by China’s pledge—the world’s largest iron ore consumer—to adopt more effective fiscal policies in 2026, boosting expectations for demand for the key raw material used in steelmaking.
The most active iron ore contract for May 2026 delivery on the Dalian Commodity Exchange in China ended Monday’s trading up 2.6%, closing at 796.5 yuan ($113.66) per ton. This marked the largest daily gain since September 9, after the contract touched its highest level since December 3 at 803 yuan.
On the Singapore Exchange, January iron ore futures rose 1.35% to trade at $106.10 per ton as of 2:01 p.m. Mecca time, after hitting their highest level since November 27 at $106.55.
China’s National Development and Reform Commission announced on Friday that it will deepen reforms in the steel, petrochemical, and other sectors as part of China’s 15th Five-Year Plan. This was followed by a statement from China’s Ministry of Finance on Sunday indicating that government spending will be expanded and capital allocation improved in 2026.