Asian iron ore prices rise as Chinese government confirms support for targeted economic growth

Iron ore prices in Asian markets rallied this morning after Chinese President Xi Jinping promised to bring the economy up to its targets this year. The zero interest rate policy and the slowdown in the housing market could lead to economic growth not reaching the target.

Iron ore prices in Singapore rose 4% to $112.45 per ton, while iron ore futures in Dalian, China, rose 2.7%, and iron ore and hot-rolled coils in Shanghai also gained.

At the BRICS Business Forum, China aims to strengthen its macroeconomic policies and more effectively implement various measures to achieve the 2022 economic and social development goals and reduce the impact of the COVID-19 epidemic.

It is the first time President Xi has addressed the target since a Communist Party Politburo meeting in April this year.

According to the report, the Chinese government is now urging commercial banks to accelerate financing for infrastructure projects to stabilize the economy.

There is also a possibility that the Chinese government will introduce measures to boost spending on infrastructure and construction to help the economy reach its 5.5% target this year.

Leave a Reply

Change Language
%d bloggers like this: