FX.co ★ Iron Ore Steadies as Key China Meeting Eyed

Iron ore futures traded around CNY 750 per ton, moving in a tight range as investors awaited fresh demand cues from a key parliamentary meeting in top consumer China. Markets are focused on the week-long “Two Sessions” in Beijing, where policymakers are expected to set growth targets and outline broader policy priorities.

Expectations for additional stimulus have grown after official data showed that both the manufacturing and services sectors contracted for a second consecutive month in February, a downturn partly attributed to disruptions from the extended Lunar New Year holiday.

At the same time, iron ore demand softened as authorities ordered steelmakers to cut production in an effort to curb pollution during the annual sessions. Elsewhere, traders also weighed rising freight costs linked to the escalating conflict in the Middle East, which has disrupted shipping routes through the Strait of Hormuz.