China policies help drive gains in iron ore, steel
Investors read output curbs in China as an opportunity to buy, especially since huge infrastructure projects are expected to sustain long-term demand
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Shanghai
STEEL and iron ore are China's hottest commodities right now, and it is policymakers who are the driving force behind the upsurge. Steel futures went up in Shanghai and iron jumped as investors bet that looming output curbs in the top producer's main hub will further tighten a squeeze on supply.
Reinforcement bar (rebar) surged as much as 6.3 per cent on the Shanghai Futures Exchange, the maximum allowed, before closing at a four-year-high. Iron ore rallied as much as 7.3 per cent, with the SGX AsiaClear contract in Singapore wiping out this year's losses. Steelmakers and miners' shares also rose.
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