Cranes load iron ore at a port in Nantong, East China's Jiangsu Province. File photo: VCG

Iron ore futures opened higher Thursday in daytime trading on the Dalian Commodity Exchange.

The most active iron ore contract for September 2020 delivery boosted 9 yuan ($1.29) to open at 790 yuan per ton, and rose as much as 2.5 percent to 800.5 yuan per ton in early trade.

The rise reflects China's strong iron ore demand as the country proactively recovers its economy, hit by the COVID-19 pandemic, Global Times learned.

As iron ore prices continue to rise in recent months, the steel industry saw a profit cut. Data from Chinese National Bureau of Statistics showed that the steel sector cut profits to115.99 billion yuan during January to May, dipped 22.4 percent from last year.  

China, the largest iron ore importer in the world, bought 445 million tons of Iron ore during the first five months, up 5.1 percent from a year earlier, according to customs.

Global Times