China’s iron ore futures rose last Friday after the positive news from China’s property sector. However, the market participants are still concerned about the overall demand for this raw material from the world’s biggest steelmaker.

China Evergrande Group was reported to resume 63 construction projects. Also, Country Garden Services Holding raised about US$1 billion in a share sale. These are good news since the earlier concerns about huge debt problems of those China’s property developers, which contribute around a quarter of domestic steel demand.

China also planned to cut steel production this year and it was expected to continue till Beijing's Winter Olympics in February.