The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) was 0.32percent higher at 787.5 yuan (USD115.19) a metric ton, as of 0303 GMT.
The contract has gained 1.22percent so far this week. The benchmark May iron ore on the Singapore Exchange was up 0.1percent at USD106.8 a ton, gaining 0.95percent so far in the week.
Chinese supply of finished steel products rose by 78,900 tons, or 0.9percent, week-on-week, while inventory declined by 621,200 tons, or 3.5percent, according to data from consultancy Mysteel.
The increased consumption of steel products was primarily driven by the construction industry, indicating steady demand for steel and feedstock.