A renewed push by Beijing to tackle the deflationary spiral engulfing the world’s second-largest economy has provided a reprieve to wary iron ore markets and propelled a long-awaited rotation into the ASX’s beaten-down mining sector.
The spot price of iron ore rallied as much as 2.1 per cent to a three-week high of $US95.65 a tonne overnight amid reports China’s top leadership vowed to crack down on “disorderly” price competition between businesses and curb outdated industrial capacity.
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