Iron Ore Hits Highest in Month on Hopes China’s Demand Improving
(Bloomberg) -- Iron ore touched its highest in nearly a month as traders bet on a modest improvement for China’s steel market.
Most Read from Bloomberg
Biden’s Fourth of July Shrouded by Pressure to Drop 2024 Bid
Kamala Harris Is Having a Surprise Resurgence as Biden’s Campaign Unravels
Newsom Shocks California Politics by Scrapping Crime Measure
China Can End Russia’s War in Ukraine With One Phone Call, Finland Says
Futures in Singapore rose the previous four trading days and are up more than 6% this week due a tick-up in demand and hopes for a stimulus boost at a major Chinese political gathering — known as the Third Plenum. The steelmaking ingredient is now solidly above $110 a ton after trading below that threshold for most of June.
Iron ore has rebounded from below $100 a ton in May, after the government unveiled a rescue package for the key property sector. But real estate prospects are still murky and attention is focused on what policies emerge from the Third Plenum in mid-July, where China’s Communist Party elite will flesh out long-term goals.
Mills still have appetite for iron ore with their furnace run-rates at high levels and there has been a recent rebound in steel demand, Chaos Ternary Research Institute said a note. Expectations for China’s economy are improving ahead of the July meeting, it added.
Futures in Singapore were little changed to $113.45 a ton as at 11:35 a.m. local time, after gaining as much as 0.4% earlier. Dalian prices dipped slightly while steel futures were little changed in Shanghai.
--With assistance from Winnie Zhu.
Most Read from Bloomberg Businessweek
Dragons and Sex Are Now a $610 Million Business Sweeping Publishing
The Fried Chicken Sandwich Wars Are More Cutthroat Than Ever Before
For Tesla, a Smaller Drop in Sales Is Something to Celebrate
©2024 Bloomberg L.P.