Poor weather conditions in Australia and signs of a recovery in China's housing market also played a role in the price increase.
Iron ore futures gained more than 2% on a weekly basis, hitting the highest level since October 8. Prices are approaching USD 110 per ton, and the Chinese government's statements regarding its economic policies have increased optimism in the markets.
China's Finance Minister, Lan Fo'an, stated in a report published in People's Daily that Beijing would take stronger fiscal measures to support economic growth. These statements strengthened the demand expectations for iron ore, a critical raw material for steel production, leading to a rise in prices.
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