Iron Ore Rises as Beijing Vows Measures to Support Steel Sector

Iron ore rose as China renewed a pledge to tackle overcapacity in its world-leading steel sector and set a widely anticipated economic growth target for the year ahead.

The steel-making ingredient climbed as much as 2.5% to touch $101.20 a ton, before paring gains, as the National People’s Congress reiterated implementing orderly production cuts at steel mills across the country.