Iron ore rises 2.3pc amid China property sector revival

  • Iron ore extended a gain toward $US60 a  tonne as further signs of a recovery in China’s property market, coupled with policymakers’ plans to loosen margin-lending controls in equity trading, helped to improve sentiment.

    Ore with 62 per cent content in Qingdao rose for a fourth day, increasing 2.3 per cent to $US58.82 a dry ton, according to Metal Bulletin. After dropping in January as concern about a global glut persisted, the commodity rallied 19 per cent last month. This quarter it’s up 35 per cent, with the advance also supported by a weaker US dollar and interruptions to supply.

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China’s home prices climbed in the most cities since March 2014 after the government loosened curbs, according to data on Friday. Photo: Getty Images

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