China’s iron ore imports continued to rise in October, supported by improved profit margins in the steel industry thanks to recent government stimulus measures.

China’s iron ore imports rose 4.48% year-on-year to 103.84 million metric tons in October, according to data released on Thursday by the General Administration of Customs.

This is after imports recorded 104.13 million tons in September, compared with 99.39 million tons in October 2023. Since the beginning of this year, China’s iron ore imports have exceeded 100 tons for eight months, according to Reuters.

Zhou Guiqio, market analyst at Jinrui Futures, explained in a statement to the agency that demand for iron ore in China rose last month due to improved profit margins in the steel industry, which also boosted imports during the same period.

These factors and positive data led to a 1.21% rise in iron ore futures prices for December delivery on the Singapore Exchange to $105.20 per tonne at 10:12 AM Mecca time, after falling 1.37% in yesterday’s session.