Iron Ore Sinks as Hopes for More China Home-Rescue Plans Dashed
- Politburo meeting didn’t specify any new supportive measures
- Beijing’s lack of clear aid plan ‘bit disappointing’: ANZ Bank
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Iron ore’s scorching five-day rally came to halt, with traders disappointed by a lack of fresh signals from Beijing that it will channel more funds toward China’s beleaguered property market.
The steelmaking material sank more than 5% after surging over 20% from its close on July 21. Investors had been optimistic more aid was on its way to revive construction projects stalled by a wave of repayment boycotts from homebuyers, but none was forthcoming during a key Politburo meeting.