Iron ore futures prices were mixed on Tuesday, as investors digested a raft of key economic targets set by policymakers in top consumer China’s annual meeting of the National People’s Congress.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended morning trade 0.92 percent higher at 881.5 yuan ($122.46) a metric ton, after touching an intraday high of 895.5 yuan.
The benchmark April iron ore on the Singapore Exchange, however, slipped 0.97 percent at $114.5 a ton.
As widely expected, the Chinese government is targeting economic growth of around 5 percent this year, same as last year’s, and announced plans to run a budget deficit of 3 percent of economic output, down from a revised 3.8 percent last year, official reports showed.
It also plans to issue 1 trillion yuan in special ultra long-term treasury bonds, which are not included in the budget.
Market participants had been closely monitoring whether there would be more stimulus unveiled from the week-long annual session of parliament – the NPC – to restore market confidence and prop up the economy this year, which will also potentially generate more consumptions for metals.