Steel-related stocks like BHP Group (BHP, Financial) and Rio Tinto (RIO) soared, following a rise in iron ore futures. The increase comes after major Chinese cities relaxed housing restrictions, boosting the demand outlook for the world's largest steelmaking raw material market.
In Australia, BHP Group (BHP, Financial) surged by as much as 2.8%, while Rio Tinto (RIO) climbed 2.2%. Fortescue Metals Group saw a significant jump of 7.4%, BlueScope Steel rose 2.3%, and Mineral Resources increased by 8.4%.
In South Korea, Hyundai Steel saw a rise of 1.3%.
