Iron ore price surges 17% as Evergrande fears ease further

The iron ore price and the S&P/ASX 200 Index (ASX: XJO) are flying today after fears of an impending collapse of the Chinese property developer, China Evergrande Group subsided in the market.

Overnight, the material required for steel manufacturing rocketed 16.8% to US$108.70 per tonne. The ASX 200 also had a rip-roaring day and was trading up 1.18% just before the market close this afternoon.

Let’s take a closer look at today’s news.