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

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.