Iron ore price back above $100 after Evergrande debt deal

Iron ore price jumped on Wednesday after China Evergrande Group said it reached an agreement with yuan bondholders on an interest payment.

January iron ore on China’s Dalian Commodity Exchange ended daytime trading 3.7% higher at 668.50 yuan ($103.41) a tonne.
The recent deal brought some relief after fears over Evergrande’s financial stability sparked a global flight from risk.

Related read: Mining stocks carnage as iron ore, copper prices fall

The amount due for the domestic bond is estimated to be $35.9 million. However, the world’s most indebted developer is also due to make an $83.5 million interest payment on an overseas bond on Thursday.

China’s central bank also boosted short-term cash into the financial system, helping steady commodity markets.