Iron ore price back above $100 a tonne as Chinese city vows to rescue stalled home projects.
The iron ore price rose on Thursday after the Chinese city of Zhengzhou said it would start building stalled housing projects.
Steel futures in Shanghai also advanced, despite concerns about intensifying covid-19 restrictions in the world’s biggest steel producer and iron ore consumer. Homebuyers in at least 80 cities in China have threatened to halt making mortgage payments as liquidity problems or covid-19 restrictions hampered projects, adding to worries about an ailing property market.
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