Iron ore futures in Singapore fell as much as 4% after being up by a similar amount earlier in the session. The briefing was held as China reopened after a week-long public holiday, and investor disappointment was reflected across Chinese markets.
“There had been talk that the NDRC may announce trillions of yuan in stimulus, but it came out with nothing at all,” Hang Jiang, head of trading at Yonggang Resources Co., said from Shanghai.
Iron ore futures have jumped around a fifth from late-September on optimism that Beijing’s earlier moves to boost the economy would end a period of deep gloom for China’s steel industry. Demand for the steelmaking ingredient has suffered amid a years-long property crisis.
But investors are still looking for more concrete signs that the government’s pledges will feed through to real economic activity. The NDRC officials said they would speed up spending, but their comments on…
