Iron ore futures hovered around CNY 750 per ton, holding within a narrow range as investors looked for demand signals from a key parliamentary meeting in top consumer China.

Markets are closely monitoring the week-long “Two Sessions” annual gathering in Beijing, where policymakers are expected to set growth targets and outline policy priorities.

Expectations for additional stimulus strengthened after official data showed Chinese manufacturing and services sectors contracted for a second straight month in February, partly due to disruptions from the extended Lunar New Year holiday.

At the same time, iron ore demand eased as authorities instructed steelmakers to curb output to reduce pollution during the annual sessions.

Elsewhere, traders assessed rising freight costs stemming from the widening Middle East conflict, which disrupted shipments through the Strait of Hormuz.
Source: Trading Economics