China's iron ore futures finish lower Tuesday

Iron ore futures finished lower Tuesday in daytime trading on the Dalian Commodity Exchange (DCE).

The most active iron ore contract for January 2027 delivery dropped 1.05 percent to close at 708.00 yuan (about 105.74 U.S. dollars) per tonne.

Iron ore futures were launched on the Dalian Commodity Exchange in October 2013 and have since become the world's most actively traded iron ore derivatives contract.

As the world's largest importer of iron ore, China opened the contract to international investors in May 2018, further enhancing its role as a key price benchmark for the global seaborne iron ore market.

China's four global initiatives have moved beyond abstract concepts to deliver solid impacts and tangible benefits to countries around the world, China's permanent representative to the United Nations Fu Cong said.

In an interview with China Global Television Network (CGTN), Fu pushed back against claims that the initiatives are empty concepts designed only to serve China's own interests, offering concrete examples of their implementation.

"Let's take the Global Development Initiative for an example. As we say, we have mobilized 23 billion U.S. dollars in funding, and then we have funded 1,800 projects in over 100 countries. These are concrete products. And actually, I myself have witnessed some of the very successful products like the Juncao. It's quite famous. Juncao is a Chinese term, but actually it's quite famous in the UN already. And I saw with my own eyes how these, what we call the small and beautiful projects, how they are doing in the Global South countries, the countries I visited, Tanzania and Rwanda. They are very much welcomed," he said.

Fu concluded that the initiatives represent China's unique contribution to addressing shared problems and global challenges.

"The four global initiatives are not for China alone. It is global in nature. That is, as we often say, the Chinese solution to the world's problems," he said.