Iron ore rose to $150

On Monday, the government set 2030 as a new peak emission deadline for the sector, down from an earlier target of 2025.

“This is a big schedule adjustment that gives the steel sector more room to achieve peak emissions in an orderly manner,” said Xu Xiangchun, an analyst at research firm Mysteel.

"Hurrying to meet carbon targets could lead to 'unsustainable economic costs'," he said.

Benchmark 62 percent Fe fines imported into northern China changed hands at $149.64 a ton during morning trading, the highest since Aug. 31, according to Fastmarkets MB. The metal has rebounded more than 70% from its November plunge on expectations of more robust gains in 2022.

Iron ore futures in Singapore rose 3.8% to $153 a ton, the highest level since August 31, and traded at $148.20 by 4:20 pm local time.

President Xi Jinping said last month that climate targets must not jeopardize the supply of goods that "ensure the normal life of the masses."