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Iron Ore Futures Climb Above 770 Yuan/Ton on Strong China GDP Data, One-Week High

GateNews
Commodities

According to reports, iron ore futures prices climbed above 770 yuan per ton, reaching a one-week high, buoyed by stronger-than-expected Chinese economic data. China’s first-quarter GDP grew 5% year-over-year, exceeding both the prior quarter’s 4.5% and market expectations of 4.9%. Geopolitical developments also supported the market, as Washington and Tehran are reportedly considering extending a two-week ceasefire agreement to allow more time for negotiations. However, the Strait of Hormuz remains under dual blockade and is effectively closed, disrupting trade flows and limiting metal shipments to the Gulf region, a key market for Chinese steel exports.

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