Iron ore futures rose toward CNY 720 per ton, moving further above 14-month lows as markets anticipated stronger Chinese demand and seasonal restocking before the September peak construction season. Steel rebar futures held above CNY 3,060 per ton near one-month highs as construction activity was expected to accelerate ahead of winter. Blast-furnace operating rates at Chinese steel mills increased last week, signaling firmer near-term ore demand. Vice Finance Minister Liao Min said China would introduce a new package to expand domestic demand and support economic growth, while the National Development and Reform Commission held consecutive meetings urging local governments to accelerate major projects. The outlook remained constrained by China’s five-year property slump, falling real estate values, financially strained households selling properties and heavily indebted developers facing pressure from speculative projects. New home prices fell 3.2% year on year in July, steel output declined 3.6% to 76.93 million tons, its lowest July level since 2017, and iron ore imports fell 4% from June to 108.09 million tons.