Iron ore remains stable, with focus on leaders meeting in China

Iron ore futures traded mostly within a narrow range on Tuesday as investors shifted attention to a meeting of China’s top leaders that will outline economic policy in the world’s second-largest economy for the next five years.

The four-day closed-door meeting of the Communist Party leadership, which began on Monday, is expected to culminate in a draft policy, while the full plan and its development goals will not be released until March 2026.

The meeting comes after a raft of data showed that China’s crisis-hit real estate sector continued to be a drag on steel consumption, which also weighed on the outlook for consumption of iron ore, a key ingredient in steel production.

The most-traded January iron ore contract on the Dalian exchange ended day trading 0.13% higher at 769.5 yuan ($108.03) per tonne. At the start of the session, it hit its lowest level since Aug. 20 at 760 yuan.

Source: Terra

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