Iron ore futures prices gained on Wednesday, as hopes of fresh stimulus from top consumer China outweighed concerns over a gloomy outlook stemming from growing supply and diminishing demand.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) 
TIO1! rose 1.18% to 772.5 yuan ($108.45) a metric ton, as of 0209 GMT, its highest since November 7.
The benchmark December iron ore (SZZFZ5) on the Singapore Exchange was up 0.97% at $102.5 a ton, as of 0159 GMT.
Hopes of more stimulus revived after China’s central bank said on Tuesday it would maintain “appropriately loose” monetary policy, keep liquidity ample while improving its policy transmission, as the economy still faces risks and challenges.
The positive policy signal came after October exports in the world’s second-largest economy suffered the worst downturn since February as tariffs hammered U.S. demand.
The price gains of the key steelmaking ingredient defied analysts’ expectations as the giant Simandou project in Guinea commenced production, cementing prospects of rising supply, which coincides with faltering China demand, weighing on price outlook.
Coking coal NYMEX:ACT1! and coke (DCJcv1), other steelmaking ingredients, slipped 1.61% and 1.66%, respectively.
Steel benchmarks on the Shanghai Futures Exchange moved sideways. Rebar 
RBF1! added 0.33%, hot-rolled coil EHR1! ticked up 0.37% while wire rod (SWRcv1) inched down 0.06% and stainless steel 
HRC1! lost 0.72%.
($1 = 7.1230 Chinese yuan)