17 April 2024 – The Chinese economy grew more strongly than expected in the first quarter of 2024. Among other things, this has had an impact on iron ore prices, which continued their upward trend today.
Chinese economy grows faster than expected
According to the latest reports, the Chinese economy grew by 5.3 per cent year-on-year in the first quarter of 2024 – analysts had only expected growth of 4.8 per cent. Retail sales recorded growth for the 14th month in a row.
Chinese online retail stood out in particular. After sales growth of 11 per cent in 2023, momentum picked up at the beginning of this year, which could continue in the coming months according to Deutsche Bank analysts.
Asian iron ore prices rise significantly
Iron ore futures on the Dalian Commodity Exchange (DCE) have risen significantly in recent days and also recorded gains of more than 4% today (Wednesday). The brightening sentiment on the global market and the impetus from the Chinese economy are cited as the main reasons for the rising prices.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
