the slow pace of demand from Chinese mills has capped gains at just above $120.
After briefly hitting a fresh seven-week low of 3,539 yuan, Shanghai steel rebar futures settled up 0.2% at 3,552 yuan ($570) a tonne on Tuesday. The commodity dropped nearly 3% in the previous session.
China's average daily crude steel production inched up 1.6% to 1.95 million tonnes for the first 10 days of this month from the preceding period, as mills pushed up output on a recent rally in steel prices from September lows.
However, traders say, given the gloomy growth outlook across the US and Europe, iron ore may pare down some gains if China maintain status quo in policy-making.