Iron-ore surged back above the $100-a-ton threshold after data showed China’s annual imports of the steel-making ingredient reached a record and its trade surplus soared.

Futures gained for the fourth day in Singapore, and were up more than 4% since Thursday’s close. Prices have rebounded from a rocky start to the year, when traders were cautious about demand in China and awaited further stimulus, which was signaled by Beijing last week.

Sentiment got a boost from customs data released Monday that showed the world’s largest consumer of iron-ore brought in a record 1.24-billion tons last year. At the same time, China’s increasing imports has seen stockpiles accumulate, with port-side stocks at 14.66-million tons as of January 10, up from 12-million tons in the same period last year.

Meanwhile, China’s trade surplus reached a record $992-billion in 2024. Annual steel shipments from the nation were the highest since 2015, at 110.7 million tons. However, increasing global trade tensions — including potential new tariffs under President-elect Donald Trump — may hinder such exports later this year.

“China’s recent stimulus measures boosted prospects for steel demand,” ANZ Group Holdings analysts including Soni Kumari said in a note. “Exports of some key commodities remained strong due to frontloading ahead of Trump’s threatened import tariffs,” they added.

Despite China’s demand for iron-ore showing some resilience, the material lost more than a quarter of its value in 2024, and remains pressured by persistent weakness in the nation’s property sector. Additional supplies from big miners in Australia and Brazil threaten to worsen the outlook.

Iron ore futures were 1.6% higher to $100.35 a ton in Singapore at 11:50 a.m. In China, yuan-priced contracts climbed in Dalian, while steel futures gained in Shanghai.