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Iron Ore Storms Past $100 as China Soothes Evergrande Concerns

  • Singapore futures were oversold on Evergrande fears: analyst
  • Investors assess China’s options to contain debt crisis
Bundles of steel reinforcing bar at a metal stock yard in Shanghai, China, on Monday, June 7, 2021. 
Photographer: Qilai Shen/Bloomberg
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Iron ore’s roller-coaster ride in 2021 shows no signs of easing, with prices ending an unprecedented slump to move sharply higher as investors monitor simmering debt troubles at China Evergrande Group.

The developer’s onshore property unit said it reached an agreement with yuan bondholders on an interest payment, offering some relief after fears over Evergrande’s financial stability sparked a global flight from risk. China’s central bank also boosted short-term cash into the financial system, helping steady commodity markets.