Analysts said that the Chinese Central Bank's announcement revived market sentiment and supported prices in early trading.
On the other hand, other indicators such as industrial production and retail sales decreased short of expectations.
Iron ore for September delivery on the Dalian Commodity Exchange (DCE) ended morning trading up 1.19% at 724 yuan/ton after hitting a three-week high of 733.5 yuan/ton in early trading.
Iron ore for June delivery on the Singapore Exchange traded down by 0.65% at $104.35/tonne at 07.53 GMT today, after hitting a one-week high of $105.03/tonne yesterday.
On the Shanghai Futures Exchange, rebar decreased by 0.05% to 3,650 yuan/ton, hot-rolled coil was flat, wire rod dropped 1.25% and stainless steel decreased by 2.96%.
Analysts noted that some mills are planning to restart operations amid widening margins, which will put downward pressure on steel prices given that the market is approaching a period of non-demand.
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