Iron ore futures clung to modest gains on Monday amid optimism over top global steel producer China's policy support for its struggling property sector.
China is set to take further action, including relaxing home-purchase restrictions, as it scrambles to tackle a deepening crisis in its debt-riddled property sector, Reuters reported on Friday, citing four people familiar with the matter.
The report came after regulators last week relaxed criteria for first-home mortgages, while some cities in China said they would allow home buyers to enjoy preferential loans for first-home purchases regardless of credit records.
Iron ore's most-active October contract on the Singapore Exchange was up 0.4 per cent at $114.40 per metric ton, as of 0708 GMT, after earlier hitting $116.10, its strongest since April 3.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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