Iron Ore Holds Best Weekly Gain Since September on China Outlook
Iron ore is still one of the worst performing commodities this year, posting a loss of over 20%, and inventories have been piling up at Chinese ports.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Iron ore held its largest weekly advance in six months on quietly increasing optimism over the chances of an economic recovery in top consumer China.
Chinese Premier Li Qiang downplayed problems in the country’s economy in a speech to the China Development Forum on Sunday, saying there’s still plenty of space for more policy support. Steps taken to limit risks in the property sector and local government debt have shown positive development, he said.