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Iron ore prices rise in China as real estate sector revives

The price of iron ore, a key raw material in steel production, has risen 10% on the Singapore Exchange this month. The rise was driven by expectations that the Chinese government will take steps to revive the real estate sector, which has suffered in recent years.

Iron ore prices rise in China as real estate sector revives

Despite the recent surge in prices, Chinese regulators warned traders against speculating on iron ore.

Citi analysts raised their forecasts for iron ore prices to $140 per ton. They believe that demand for iron ore will increase as China's economy recovers.

The recovery in iron ore prices also led to a recovery in the shares of real estate developers. Hong Kong shares of Country Garden, one of the Chinese real estate developers, have risen more than 60 percent this month. Even Evergrande, a real estate developer facing a debt crisis, has seen its shares rise more than 10 percent this month.

Analysts are optimistic about the outlook for iron ore and property prices. They expect prices to continue to rise as China's economy recovers. However, they caution that there could be some uncertainty ahead as the Chinese government continues to implement structural reforms.


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