Iron ore prices climbed on Tuesday propped up by China’s moves toChina’s securities regulator will allow Chinese developers listed on the Hong Kong Stock Exchange and on Chinese stock exchanges to sell additional shares to acquire real estate assets, replenish working capital, or repay debts, lifting a ban on such refinancing.
“ favorable policies have created a good financing environment for real estate companies,” Huatai Futures analysts said in a note. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $101.60 a tonne Tuesday morning, up 2.8%. Benchmark January iron ore on China’s Dalian Commodity Exchange ended daytime trade 2.3% higher at 770.50 yuan a tonne. Earlier in the session, it soared to 780.50 yuan, its highest since mid-June.
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