The most-active iron ore futures on the Dalian Commodity Exchange rose as much as 1.3 percent to 516 yuan ($75.26) a tonne, the most since Oct. 29, before closing 0.9 percent higher at 514 yuan a tonne.
Steel mills in China generally have no strong incentives to ramp up output due to thin margins and weak demand, noted Zhuo Guiqiu, analyst, Jinrui Futures.
Profit margins for rebar have fallen more than 66 percent since late October to 300 yuan ($43.77) a tonne this week, while hot-rolled coil is only just profitable, according to data compiled by Jinrui Futures.
Steel futures, meanwhile, shrugged off an early dip to also a rise for a fourth consecutive day, as investors hope for a direct stimulus package from Beijing.
Benchmark construction steel rebar prices closed 0.2 percent higher at 3,505 yuan a tonne, while the hot-rolled coil contract ended up 0.6 percent at 3,403 yuan a tonne.