Iron ore price hits six-month high as China plans more stimulus

The iron ore price hit a fresh six-month high on Thursday, propelled by brightening demand prospects in China.

As the Chinese economy faces risks from rapidly spreading covid-19 infections and a bleak outlook for global growth, policymakers are aiming to boost the scale of consumption and investment, the official Xinhua news agency said on Wednesday.
Boosting domestic demand will help China to pursue higher-quality economic growth and cope with external risks, Xinhua said, citing the 2022-2035 plans issued by the cabinet.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $112.71 a tonne Thursday morning, up 2.5%.