Iron ore prices have surged lately, with many believing that the commodity’s prices may have bottomed out. The prices of iron ore have risen in the wake of China softening its stance on COVID-19 preventive measures. The country’s new top leadership body has stressed the need to minimize the impact of the pandemic on the economy.
The macroeconomic indicators showed that China’s economy could slow down due to the COVID-19 curbs and a slowdown in the country’s property sector. However, news of a rescue package for ailing Chinese developers to ease their liquidity strains and revive home purchases boosted sentiments. In addition, many analysts believe that the Chinese government could take further initiatives to boost economic growth.
