Iron ore price rebounds after Chinese President pledges to meet development targets

The iron ore price rebounded on Thursday after Chinese President Xi Jinping pledged to take more effective measures to achieve the country’s economic and social development goals.

Xi, speaking at the opening ceremony of the BRICS Business Forum via video link on Wednesday, called for greater coordination on economic policy to avoid a fragile recovery from being disrupted.

China would step up macro-policy adjustments and take more effective measures to achieve its annual economic and social development goals while minimizing the impact of the covid-19 epidemic as much as possible, Xi said, without giving details.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $116.30 a tonne, up almost 7% from Wednesday’s closing.