MANILA: Dalian and Singapore iron ore futures rose on Thursday, supported after the Chinese city of Zhengzhou said it would start building stalled housing projects, offering some relief to markets worried about weak steel demand in China.
Steel futures in Shanghai also advanced, though gains were capped amid concerns about intensifying COVID-19 restrictions in the world’s biggest steel producer and iron ore consumer.
Homebuyers in at least 80 cities in China have threatened to halt making mortgage payments as liquidity problems or COVID-19 restrictions hampered projects, adding to worries about an ailing property market.
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