Iron Ore Prices Surge 8% to Near $100 on China's Stimulus and Eased Home Curbs

Sep 29, 2024, 11:43 PM

Iron ore prices have surged to a three-week high, driven by China's latest economic stimulus measures and easing of home purchase curbs in major cities such as Shanghai, Guangzhou, and Shenzhen. The commodity's price has jumped nearly 8% as of September 29, reaching close to $100 per ton. This marks the strongest single-day rebound in iron ore prices since April and sets futures on course for the biggest weekly advance since the same month. Iron ore futures jumped 8% in Singapore. Beijing's pledge of a slew of measures to support the nation's economy has boosted market outlook, contributing to the significant rise in iron ore prices.