Iron ore price up as China vows to step up economic support

The iron ore price rose on Friday fuelled by demand hopes as Beijing pledged to step up policy support to stabilize the economy.

At a Politburo meeting chaired by President Xi Jinping on Friday, Xi said China would adopt a package of policies to help pandemic-hit industries, stepping up infrastructure construction and back healthy development of the property market. 

Benchmark 62% Fe fines imported into Northern China rose 2.92%, to $145.99 per tonne.

Benchmark iron ore on the Dalian Commodity Exchange surged 4.2% to 870 yuan ($132.05) a tonne at the close.

China said on Thursday it would cut import tariffs for all types of coal to zero, in an effort to ensure energy security amid soaring global prices and supply disruption concerns.

Related: Column: China-exposed commodities take a covid-control tumble

(With files from Reuters)