Iron Ore Prices Weaken Amid Trade Tensions; China Considers Debt Relief; Xi Jinping Urges Composure

Iron ore futures prices declined for a third consecutive session on Wednesday, impacted by a less optimistic outlook for Chinese steel exports and escalating trade tensions between the U.S. and China. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) decreased by 0.61% to 815 yuan ($112.29) per metric ton. David Li Daokui, an economics professor at Tsinghua University, suggested that the Chinese central government should assume at least 20 trillion yuan ($2.8 trillion) of local sovereign debt to bolster consumer spending and strengthen the economy. President Xi Jinping called on officials to remain composed in the face of domestic and global challenges, indicating a measured response to new trade and investment restrictions imposed by the Trump administration.