Iron Ore’s Topsy-Turvy Month Has Decade-Low to Bull-Market Swing
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Iron ore prices that sank to a decade-low at the start of this month ended up capping the biggest gain in almost two years. A slump on Wednesday and a further loss today signaled the rally may prove to be fleeting.
Ore with 62 percent content at Qingdao tumbled 4.6 percent on Wednesday and fell a further 1.7 percent to $56.18 a dry metric ton on Thursday, according to Metal Bulletin Ltd. Prices are still 9.4 percent higher this month, the biggest increase since July 2013, after surging as much as 27 percent from the low of $47.08 on April 2. They remain 71 percent below the record set in 2011.