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Iron-ore hits $130 for first time since March on China stimulus
Iron-ore futures in Singapore touched $130 a ton for the first time since March on improving demand for steel in China, which is considering a new wave of stimulus to shore up the struggling property sector. The steelmaking ingredient has jumped by a third from this year’s low in late May. Iron ore surged past the $130 mark after Bloomberg reported Beijing plans to provide at least one-trillion yuan ($137-billion) of low-cost financing to the nation’s urban village renovation and affordable housing programs. The plan would mark a major step-up in authorities’ efforts to put a floor under the biggest property ... (full story)