Iron ore rebound could be short-lived as China unrest grows

Iron ore prices rose to their highest in two months after China, the world’s top steelmaker, took further steps to support its troubled property sector, but an unprecedented wave of protests in parts of the country against COVID-19 restrictions may erase the gains.On Friday, spot prices for the metal jumped to $US99.65 a tonne, the strongest since mid-September, while the most-traded January iron ore contract on China’s Dalian Commodity Exchange rose 3.

The Australian dollar dropped below US67¢, from a top of US67.80¢ touched on Friday, Australian shares fell 0.4 per cent, and oil prices dropped more than 1 per cent.rare displays of public defiance, as frustration with President Xi Jinping’s COVID-zero policies mountChina’s large state-owned banks pledged at least 1.28 trillion yuan in fresh credit to developers following a raft of measures to ease the property crisis.

To ease the liquidity crunch, China’s central bank unveiled new steps to support the property sector. The steps included banks allowing deferred repayments from real estate companies. Adding to the gloomy economic picture, data released on Sunday revealed China’s Industrial profits in the January-to-October period dropped by 3 per cent from a year ago as the pandemic outbreaks hurt activity.

it would be good to smash the greed of the iron majors Greedy to keep expanding Rio nearly went insolvent in GFC but they r expanding again

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