Spot prices jumped to $US118.20 a tonne overnight to the highest levels since April, despite an ailing Chinese economy.
A “drip-feed” of Chinese policy measures to support its ailing economy has pushed iron ore spot prices to their highest levels since April, catching the market off guard amid a weaker outlook for Australia’s largest trading partner.
Analysts don’t think the latest policy measures will be enough to maintain the rally seen in iron ore prices.to allow home buyers to enjoy preferential loans for first-home purchases regardless of their previous credit record. “I don’t think the policies are really going to be enough to see a huge imbalance in terms of fuelling confidence and activity within construction, and I am not convinced that’s what the Chinese authorities want to do,” he added.
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