Benchmark Dalian and Singapore iron ore futures surged more than 6 percent on Tuesday, leading a broad rally in ferrous materials, as investors cheered a liquidity-boosting measure to support economic growth in top steel producer and consumer China.
Another boost came from China’s politburo, the country’s top decision-making body, which said it would keep economic operations within reasonable range in 2022 and promote a healthy development of the property sector.
The most-traded iron ore for May delivery on China’s Dalian Commodity Exchange rose as much as 6.6 percent to 659 yuan ($103.44) a ton, the contract’s highest level since Oct. 29.
The steelmaking ingredient’s most-active January contract on the Singapore Exchange climbed 7.1 percent to $111.50 a ton.
