BEIJING- Prices of iron ore futures climbed on Monday, as China’s recent lacklustre inflation data fueled hopes for additional supportive measures to meet its annual growth target, although lingering concerns over demand prospects kept gains in check.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) was up 0.39 percent at 777.5 yuan ($107.17) a metric ton.
The benchmark April iron ore on the Singapore Exchange added 0.4 percent to $100.85 a ton. It fell below the key psychological level of $100 to $99.5 a ton earlier in the session.
China’s consumer price index in February missed expectations and fell at the sharpest pace in 13 months, while producer price deflation persisted.
This could prompt Beijing to roll out more stimulus measures to spur its economic growth, especially when the world’s second-largest economy is facing an escalating trade war with the United States, analysts said.
China has set its 2025 economic growth target at about 5 percent, unchanged from last year.
