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Iron ore price rises as China cuts lending benchmarks

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Iron ore price rises as China cuts lending benchmarks

The iron ore price rose on Tuesday after China cut benchmark lending rates and lowered the mortgage reference by a bigger margin in a move to support its property market.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $102.18 a tonne Tuesday morning, up 1.8%.

iron ore price

China’s property market crisis is testing whether central bank Governor Yi Gang can stick to his stimulus-lite strategy.

Over the past couple of weeks, Yi has cut key lending rates, announced special loans to struggling property developers via policy banks, and urged state-owned lenders to extend more credit. Meantime, speculation of a cut to reserve requirement ratios grows. 

China’s real-estate slump, however, shows little sign of improvement.

 Li Daokui, a former adviser to the People’s Bank of China and currently a professor at Tsinghua University in Beijing, says more stimulus will be needed if covid and the restrictions to contain its spread continue to weigh on the economy.  

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“Right now, monetary policy should do everything possible to avoid the financing chain in the housing market from breaking,” he said. 

Source: mining.com
Tags: ChinaIron ore priceIron ore price rises as China cuts lending benchmarks
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