Iron Ore Rises for Third Day on China Policy Support Optimism
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Iron ore rose for a third day — recovering more of its 9% plunge last week — on signs Chinese authorities will take more steps to try and revive the country’s moribund property market.
The steelmaking staple climbed as much as 3.5% in Singapore following a report late on Tuesday that Beijing is considering allowing local governments to buy unsold homes by issuing so-called special bonds. The potential move comes after a series of rescue packages failed to prop up the real estate market, which is a major source of demand for iron ore.