The most-traded iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade flat at 786 yuan (USD115.12) a metric ton.
The benchmark May iron ore on the Singapore Exchange was 0.23percent higher at USD106.85 a ton as of 0701 GMT. Chinese steelmakers continued to replenish feedstocks, including iron ore, ahead of the May Day holiday break from May 1-5, lending some support to prices, said analysts.
Further underpinning the market was a decline in portside iron ore inventories at major Chinese ports, which fell for a third straight week. Stocks slid 1percent week-on-week to 163.12 million tons as of April 24, the lowest since February 27, data from consultancy Steelhome showed. However, gains were limited by higher supply and shrinking steel margins. Shipments of iron ore bound for China from top supplier Australia jumped 15.8percent week-on-week to 16.98 million tons as of April 26, data from consultancy Mysteel showed.