(Bloomberg) -- Iron ore rose for a third day — recovering more of its 9% plunge last week — on signs Chinese authorities will take more steps to try and...
-- Iron ore rose for a third day — recovering more of its 9% plunge last week — on signs Chinese authorities will take more steps to try and revive the country’s moribund property market.The steelmaking staple climbed as much as 3.5% in Singapore following a report late on Tuesday that Beijing is considering allowing local governments to buy unsold homes by issuing so-called special bonds.
Iron ore futures rose 3.2% to $98.45 a ton in Singapore as of 2:26 p.m. local time, taking their gain this week to about 7%. The bulk commodity climbed 3.8% in Dalian, while steel contracts also advanced in Shanghai.Chile's SQM, the world's second-largest lithium producer, reported a bigger-than-expected 63.2% slide in its quarterly profit on Wednesday due to weak prices of the battery metal, which it expects will continue for the rest of the year.
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