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Iron Ore Futures Hit 770 Yuan/Ton One-Week High as China's Q1 GDP Grows 5%

GateNews

2026-05-08 03:49:52

Iron ore futures climbed above 770 yuan per ton, reaching a one-week high, as China’s first-quarter gross domestic product accelerated to 5% year-over-year, exceeding the prior quarter’s 4.5% and market expectations of 4.9%. Geopolitical tensions also eased, with reports indicating Washington and Tehran are considering extending a two-week ceasefire agreement to allow more time for negotiations.

The Strait of Hormuz remains under dual blockade and effectively closed, disrupting trade flows and limiting metal shipments to the Gulf region, a key destination for Chinese steel exports.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

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