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Iron ore prices gather steam to hit highs not seen for 18 months

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Update time : 2023-12-27 15:52:33

Iron ore rallied to its highest since June 2022, showing Beijing’s efforts to stem the property market’s decline in recent months may be paying dividends.

Futures in Singapore rose above $US140 a ton amid thin trading on Tuesday. Optimism is building that China’s economic recovery and its steel-intensive property sector are finally gaining momentum, after a subdued post-pandemic reopening in the past year disappointed investors.

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