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Iron Ore Futures Climb Above 770 Yuan Per Ton This Week as China's Q1 GDP Growth Hits 5%

GateNews
Commodities

Iron ore futures prices climbed above 770 yuan per ton this week, marking a one-week high, supported by stronger-than-expected economic data from China. The country’s first-quarter GDP grew 5% year-over-year, exceeding both the previous quarter’s 4.5% and market forecasts of 4.9%. Sentiment was further bolstered by reports that Washington and Tehran are considering extending a two-week ceasefire agreement to allow more time for negotiations, though the Strait of Hormuz remains effectively closed under dual blockade. The ongoing conflict has disrupted trade flows and limited metal shipments to the Gulf region.

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