Iron ore prices climbed as China's National People's Congress pledged to address chronic overcapacity in the world's largest steel sector. The steel-making ingredient surged as much as 2.5% to $101.20 a ton, driven by Beijing's commitment to implement orderly production cuts at steel mills nationwide.

The move comes as China's property downturn has slashed domestic steel demand, leaving mills with excess supply that's increasingly being exported overseas. The annual meeting of China's top leaders also set an economic growth target of 4.5% to 5% - the most modest in over 30 years - signaling Beijing's comfort with slower growth and less aggressive stimulus.

Singapore iron ore futures pared gains but remained up 1.4% at $100.15 a ton, while Dalian futures rose 1.6%. The price gains were supported by rising oil and freight rates amid Middle East tensions. Other metals saw more modest moves, with London copper up 0.4%.