Iron Ore Prices Surge 13% to $112.8 as Chinese Cities Ease Home Buying Curbs

Sep 29, 2024, 11:44 PM

Iron ore prices have surged almost 8% as Chinese cities ease home buying curbs, contributing to a broader rally in industrial metals. China's recent stimulus measures have been a significant factor, with copper prices jumping 5.9%, aluminum 6.5%, nickel 3.0%, zinc 7.5%, and platinum 2.5%. The easing of home buying restrictions in Chinese cities has led to a 10% increase in Singapore iron ore prices, reaching $112.8. Analysts suggest that China's aggressive economic stimulus, including measures to support the housing market, is driving these price increases. Additionally, iron ore prices have surged 13% overall, and copper is speculated to reach $15K/ton.