Iron ore futures prices in China rose with the announcement of support for the real estate sector.
Iron ore, which fell in October largely due to corona virus bans and concerns about falling demand for steel due to problems in the real estate sector, resumed growth this month.
China announced yesterday that it will expand the scope of bond financing for private companies, including real estate, with the support of its central kanepe.
Quarry Iron Ore Futures Contract, the most traded contract on the Dalian Commodity Exchange, closed at 683 yuan ($ 94.24) per ton, up 2.2% after hitting 691.50 yuan during the day, the highest level since 24 October.
December delivery iron ore futures traded on the Singapore Commodity Exchange rose 0.4% to $ 88.25 a tonne.
Reinforced steel was up 1.4%, hot rolled steel (HRC) coils were up 1.5%, and stainless steel was up 0.1% on the Shanghai Futures Exchange.
Dalian coke futures prices rose 0.9% and coke futures prices rose 1.9%.