Fun Fact Friday: Australia is the world's largest producer of iron ore, followed by Brazil. Together, the countries are a dynamic duo dominating the global supply of iron ore market to the world.
Bloomberg reports today that iron ore prices have increased to its highest intraday price since February. Increased demand is due to China’s with latest economic stimulus from the announcement that ($140 billion) debt issuance in Beijing.
It is highlighted by Bloomberg that a reported 50 Chinese real estate developers may be eligible for financing which lifted the share prices of some major companies.
As of 10:50 am in Singapore, iron ore saw a 2% increase, reaching $133.65 per ton and heading towards its highest closing price since June 2022.