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Iron ore futures climbed on Tuesday, with the Dalian benchmark hitting its highest in 23 weeks, propped up by top steel producer China’s moves to ramp up support for struggling property developers.

China’s securities regulator will allow China and Hong Kong-listed Chinese developers to sell additional shares to acquire real estate assets, replenish working capital, or repay debts, lifting a ban on such refinancing to help stabilise the economy.

The measures are the latest in a slew of steps taken to shore up the property sector that accounts for a sizeable portion of China’s steel demand, such as the 16 steps outlined by regulators to support the industry, and the fund-raising support that China’s biggest banks have agreed to provide.

“(Such) favourable policies have created a good financing environment for real estate companies,” Huatai Futures analysts said in a note. Benchmark January iron ore on China’s Dalian Commodity Exchange ended daytime trade 2.3% higher at 770.50 yuan ($107.45) a tonne.

Earlier in the session, it soared to 780.50 yuan, its highest since mid-June.

Dalian iron ore has rallied more than 25% this month following a sell-off in October that was driven by fears of continued weakness in China demand due to COVID-19 curbs and a liquidity crisis in the domestic real estate industry.

On the Singapore Exchange, the steelmaking ingredient’s most-traded January contract was up 2.2% at $99.50 a tonne, as of 0714 GMT.

SGX iron ore snaps rally

Other Dalian steelmaking inputs also advanced, with coking coal and coke up 2.7% and 2.4%, respectively, as traders shrugged off concerns about COVID-19 restrictions that sparked street protests in China over the weekend.

Ferrous metals on the Shanghai Futures Exchange also rose, with rebar up 0.8%, hot-rolled coil climbing 1.2%, wire rod gaining 0.4%, and stainless steel advancing 1.5%.

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