Iron Ore Rises to Highest Since April After China Property Boost
- Authorities are stepping up measures to aid economic recovery
- Steel fundamentals showing seasonal pick up: Huatai Futures
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Iron ore rose for a fifth day as Chinese authorities increased economic support aimed at stimulating the crucial construction and property industries.
Prices of the steelmaking material have rallied about 8% this week, reflecting optimism for infrastructure demand amid a seasonal pick up in construction that usually lasts until the end of October. Fresh positive signs include data showing new home prices in August rose in 17 cities, while China’s central bank injected cash into markets for the 10th consecutive month and cut lenders’ reserve requirements for the second time this year.