Iron ore futures in China jumped 6 percent on Friday after a rally in Shanghai steel
prices to their highest since July renewed buying in the raw material, with a brisk increase in domestic home prices reviving
hopes for the property sector.
China's home prices rose at their fastest clip in almost two
years in February thanks to red-hot demand in big cities, data
showed. But the risks of overheating in some places combined
with weak growth in smaller cities threatens to put more stress
on an already slowing economy.
The most-traded rebar, a construction steel product, on the
Shanghai Futures Exchange rose as far as 2,149 yuan
($332) a tonne, its strongest since July 3, 2015. It closed up
3.5 percent at 2,118 yuan.
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