Dalian and Singapore iron ore futures climbed to their highest in six weeks on Monday, with traders betting on a recovery in demand as top steel producer China was reportedly working on new measures to support its property market.
Regulators were considering a package of measures including further relaxing restrictions for residential purchases, Bloomberg News reported on Friday, citing people familiar with the matter.
China has recently rolled out supportive measures for the struggling sector, a key driver of steel demand and considered a pillar of the nation’s economy, but the policy action seemed inadequate to sustain a rebound.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.