Reported in The Australian this morning.
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Iron ore spikes on more China housing support
Valerina Changarathil
In early trading on Monday, Australia’s major iron ore miners are building on gains from last week following China’s stimulus measures with the Asian giant’s major cities and banks now rolling out additional support.
The demand outlook for the steel-making ingredient has turned distinctly brighter – sending iron ore futures 8.5 per cent higher to $US110.80 per tonne on the Singapore exchange.
Bloomberg earlier reported Chinese major cities Shanghai, Guangzhou and Shenzhen are relaxing home buying rules in response to the government measures.
The Wall Street Journal on Sunday reported China will allow home buyers to refinance mortgages, the latest in its week-long torrent of policy moves aimed at supporting the struggling economy. The move marks a shift in how Chinese pay off their home loans. Before this, many Chinese home buyers with existing mortgages have been unable to immediately benefit from interest-rate cuts.
$100 share price, page-637
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