By Ruth Chai
SINGAPORE, Feb 10 (Reuters) - Iron ore futures inched higher on Tuesday after six consecutive sessions of losses, as low prices encouraged steel mills to buy feedstock, while a decline in weekly shipments also lent support to prices.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 traded 0.2% higher at 763 yuan ($110.42) a metric ton, as of 0256 GMT.
The benchmark March iron ore SZZFH6 on the Singapore Exchange was 0.3% higher at $100.2 a ton, trading above the $100 psychological threshold.
The total amount of iron ore arriving at 47 Chinese ports declined week-on-week from February 2-8, according to data released by consultancy Mysteel.
Low Dalian iron ore prices amid weak market fundamentals encouraged feedstock buying from steel mills.
Although the recent rise in port discharge rates and the decline in arrivals have provided some relief to supply-side pressure, port inventories remain at high levels, the Shanghai Metals Market said in a note.
There is no clear inflection point for destocking as of now, and high inventory levels will continue to suppress prices, the Shanghai Metals Market said.
With a lack of government stimulus to address the structural decline in demand, the iron ore market is likely to face headwinds over the next year, ANZ Research said in a note.
Other steelmaking ingredients on the DCE struggled, with coking coal DJMcv1 and coke DCJcv1 down 0.92% and 0.86%, respectively.
Market sentiment for coking coal and coke remains subdued due to weak demand for finished steel products and high inventory levels, according to the Shanghai Metals Market.
Most steel benchmarks on the Shanghai Futures Exchange softened. Rebar SRBcv1 retreated 0.42%, hot-rolled coil SHHCcv1 shed 0.56% and stainless steel SHSScv1 lost 0.57%, while wire rod SWRcv1 firmed 0.26%
($1 = 6.9097 yuan)
(Reporting by Ruth Chai; Editing by Subhranshu Sahu)
((ruth.chai@thomsonreuters.com;))