Iron ore jumps most on record on China’s willingness to support economy

Iron ore prices surged 19%, the highest on record, after Chinese policy makers signaled their willingness to buttress economic growth.

Prices rose to $63.74/mt tonne; its highest price since June. Earlier today, prices on the Dalian Commodity Exchange rose sharply and hit the daily limit.

At the annual National People’s Congress at the weekend, policymakers said they would run fiscal deficit to support growth and work to cut the overcapacity in steel; something that has restricted demand for Iron ore.