Iron ore climbs as infra demand, steady steel use counter weak China data

Iron ore futures rose due to infrastructure demand and steady steel consumption, despite weak Chinese economic data. The January iron ore contract on China's Dalian Commodity Exchange increased by 0.5%, while the Singapore Exchange saw a 0.17% rise. Global output is expected to grow, driven by Guinea's Simandou project, though political and social issues may cause delays. China's manufacturing activity shrank for the eighth month, affecting iron ore. Other steelmaking ingredients and steel benchmarks also gained ground.