Chinese Authorities Announce Support Policy for Real Estate Industry
Reflecting Optimism for Steel Industry Recovery
[Asia Economy Reporter Kim Suhwan] As signs of recovery in the Chinese real estate market emerge, forecasts that iron ore demand will also rise have led to an increase in Chinese iron ore futures prices.
As of 1:50 PM on the 23rd, iron ore futures prices on the Dalian Commodity Exchange in China are trading at 598.5 yuan, up 9.917% from the previous trading day. This is close to the daily price limit.
On the Singapore Exchange, iron ore futures prices are trading at $103.55, up 9.37% from the previous trading day. This is the first time prices have exceeded $100 this month.
Bloomberg reported that as Chinese authorities actively address the liquidity crisis in the real estate sector, expectations of a recovery in real estate demand have led to a rise in iron ore futures prices.
In particular, iron ore futures prices on the Singapore Exchange have surged more than 17% over the past three trading days. This followed the Chinese government’s announcement of easing policies and expanded support for the real estate sector.
As a result, the Chinese government’s proactive intervention has alleviated market concerns, generating expectations of demand recovery, which in turn has driven up iron ore prices.
Huatai Securities stated, "The market holds expectations that steel production will resume."
Especially since the real estate sector is a major consumer of the steel industry, there is growing anticipation that iron ore demand will significantly increase.
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