Iron ore futures rose above CNY 770 per ton, hitting a one-week high as stronger-than-expected economic data from top consumer China lifted market sentiment. China’s economy grew 5% year-on-year in the first quarter, up from 4.5% in the previous quarter and exceeding forecasts of 4.9%.
Sentiment was further supported by an improved geopolitical backdrop. Reports suggest Washington and Tehran are considering extending their two-week ceasefire to allow more time for negotiations, even though the Strait of Hormuz remains effectively closed under a dual blockade. The conflict has disrupted trade flows and limited metals shipments to the Gulf, which was China’s second-largest steel export market last year, accounting for about 16% of its record-high steel exports.
