Iron Ore Set for Biggest Weekly Gain Since March on China Hopes
- Stockpiles of the ore fall 7.6% from a month ago: Mysteel
- China’s new daily Covid cases below 100 in past three days
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Iron ore headed for the biggest weekly gain in three months as demand prospects brightened after Covid cases eased in China, stockpiles fell and the country vowed to carry out policies to stimulate growth.
Futures in Singapore have surged past $140 a ton as China front-loads infrastructure investment to boost growth, which has been battered by virus-related lockdowns. Chinese officials said Thursday they would accelerate refunds of value-added taxes and ensure that local special bonds -- which are mainly used to fund infrastructure projects -- are issued in a smooth manner.