Iron ore prices moved in a tight range on Wednesday, as investors and traders exercised caution ahead of the upcoming annual parliamentary meeting in the world's second-largest economy from March 5.

The most-traded iron ore contract on China's Dalian Commodity Exchange (DCE) closed daytime trade up 0.4 per cent at 752 yuan ($108.73) a metric ton.

The benchmark April iron ore on the Singapore Exchange fell 0.26 per cent at $98.75 a ton as of 0700 GMT.

Investors were closely monitoring cues for China's macro economic and industrial policy trend to gauge the demand outlook for steel and its ingredients.

Most analysts expect Premier Li Qiang's report on March 5, the first day of the gathering, to announce a growth target of 4.5 per cent-5 per cent, while pledging to boost both consumption and investment in high-tech industries.

Beijing will also release its 15th five-year plan, which sets strategic objectives and policies for 2026-2030.

Hopes for more forceful stimulus became more intense after China's factory activity contracted for the second consecutive month in February, an official survey showed on Wednesday.

Other steelmaking ingredients also moved sideways, with coking coal down 0.23 per cent and coke up 0.66 per cent.

Steel benchmarks on the Shanghai Futures Exchange were mixed. Rebar added 0.13 per cent, hot-rolled coil was flat, wire rod dipped 0.63 per cent and stainless steel eased 0.04 per cent.

Additionally, some Chinese steel exporters have stopped making offers to customers in the Middle East as the escalating US-Israeli war with Iran chokes shipping through the Straits of Hormuz, analysts and two traders said.

Source: ET Infra. Com

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