The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.49% lower at 826 yuan ($114.10) a metric ton. The benchmark May iron ore on the Singapore Exchange slid by 2.73% to $109.15 a ton, as of 0708 GMT, after three straight sessions of gains. China’s gross domestic product (GDP) grew 5.3% year-on-year in January-March, comfortably above analysts’ expectations of a 4.6% increase in a Reuters poll and slightly faster than the previous quarter’s 5.2% rise.
The market had hoped China would unveil more stimulus in the second quarter after a slew of disappointing data from the world’s second-largest economy.
Alfiniti Inc. acquires USA’s sole aluminium welded tube manufacturer, Alabama Tube Corporation
