BEIJING: Dalian iron ore futures prices advanced for a third straight session on Tuesday to the highest in nearly two months amid expectations of more economic stimulus and seasonal restocking from steelmakers in top consumer China.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.94% higher at 809 yuan ($110.96) a metric ton. Earlier in the session, the contract touched its highest level since Oct. 8 at 813.5 yuan a ton.

The benchmark January iron ore on the Singapore Exchange was unchanged at $104.6 a ton, as of 0426 GMT, after hitting the highest since Nov. 8 at $105.2 a ton. Market participants awaited cues on possible more stimulus from the keenly-watched meetings among Beijing’s top leadership, said analysts.

“The upcoming Central Economic Work Conference in December will set the tone for the policy outlook in 2025,” ANZ analysts said in a note. Increasing restocking from steel mills is also supporting prices of the key steelmaking ingredient, analysts at Nanhua Futures said in a note. “Improving steel mills’ margins bode well for iron ore demand, though property indicators are yet to show a material improvement,” ANZ analysts added.

“Steel production could see a counter-seasonal pick-up during this winter. Chinese steelmakers will likely boost steel exports ahead of potential tariffs and rising global trade tensions.”

The US President-elect Donald Trump, who takes office in January, last week pledged to impose “an additional 10% tariff” on imports from China. He previously said he would introduce tariffs in excess of 60% on Chinese goods.

Other steelmaking ingredients on the DCE fell, with coking coal and coke shedding 0.69% and 0.85%, respectively. Most steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar ticked up 0.51%, hot-rolled coil added 0.86%, wire rod rose 0.47% while stainless steel was flat.