Iron Ore Climbs after Chinese Policy Makers Pledges Support

Iron ore prices in Asia soared after Chinese policy makers signalled their wilingness to support growth, with prices rallying even as the authorities reiterated pledges to cut excess industrial capacity, including in steel. The share of minerssoared to 24% with Australia’s Fortescue Metals Group Ltd. Futures surged to their daily limit of 407 yuan ($62.47) a metric ton on the Dalian Commodity Exchange, the highest in almost six months.In the meanwhile in Singapore, the SGX AsiaClear contract jumped 19% to $58.95 a ton. In Sydney trading, Fortescue’s shares rallied while Rio Tinto Group and BHP Billiton Ltd. also climbed.

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