Iron ore prices rose again on the back of optimism that easing restrictions on the troubled real estate sector in China will boost demand and the strong gains in steelmaking mills' profits.
Prices in the Singapore market have risen nearly 17 percent in the last three days after a series of recent announcements, from possible economic easing measures to expectations of more support for the real estate sector. The People's Bank of China has pointed to possible easing measures to support the economic recovery after a sharp recession, while officials are also looking to relax funding rules for struggling real estate development companies.
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