Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Iron Ore Surges Most Since October as Plunge Spurs Cargo Demand

Don't Miss Out —
Follow us on:

June 4 (Bloomberg) -- Iron ore jumped the most since October amid speculation that a collapse in prices for the steelmaking raw material is spurring a surge in demand.

Ore with 62 percent iron content climbed 4.2 percent to $116.60 a dry metric ton at Tianjin in northeast China, according to prices from The Steel Index Ltd. That’s the biggest gain since the 6.2 percent increase on Oct. 9.

Stronger demand spurred the rebound, Ben Goggin, a London-based broker of iron-ore swaps at ICAP Plc, said by e-mail today. Traders began increasing purchases on May 31, when the price slumped to $110.40 a ton, the lowest in almost seven months, he said.

“It appears that traders are diving in,” Goggin said by e-mail today. “It looks like they are making a play based on the expectation that it dropped to a level and found support.”

To contact the reporter on this story: Alaric Nightingale in London at

To contact the editor responsible for this story: Stuart Wallace at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.