Iron Ore Rebounds After Xi Pledges to Meet Economic Growth Goal
- Confidence in steel market challenged by weak property market
- Steel-making ingredient up more than 5% from a six-month low
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Iron ore advanced from its lowest close in more than six months after President Xi Jinping pledged to achieve economic goals for the year, despite pandemic and property headwinds.
China’s leader re-iterated the country’s “social and economic development targets” at a business forum on Wednesday, after months of turmoil that’s prompted economists to slash their growth forecasts.