Iron ore climbs to 130 a ton for the first time since...

Iron ore climbs to 130 a ton for the first time since March

• Report of $137 billion housing-sector funding boosts commodity
• Nation's property sector accounts for about 40% of its demand

By Liz Yee Xing Ng + Get Alerts Updated on November 15, 2023 5:31 AM

Iron ore futures in Singapore touched $130 a ton for the first time since March on an improving demand outlook for steel in China, which is considering a new wave of stimulus to shore up the struggling property sector.

The steelmaking ingredient has jumped by a third from this year's low in late May. Iron ore surged past the $130 mark after Bloomberg reported Beijing plans to provide at least 1 trillion yuan ($137 billion) of low cost financing to the nation's urban village renovation and affordable housing programs.

https://www.bloomberg.com/news/articles/2023-11-14/iron-ore-climbs-to-130-a-ton-for-the-first-time-since-march


Good backdrop to be selling the scoping study. Would be serious margins at current levels.