The iron ore price rose on Wednesday, rebounding after two days of losses, with news that China Evergrande Group has resumed work on some property projects bringing relief to a market worried about demand prospects in China.
The debt-laden real estate developer said on Tuesday it has resumed work on 631 pre-sold and undelivered projects as it looks to meet its delivery target for this year.
A persistent property sector weakness in China, alongside a local covid-19 surge that’s restricting economic activity, has prompted the World Bank to cut its growth outlook for the world’s second-largest economy and top steel producer for 2022 and 2023.
