From Loathed to Loved: Iron Rallies as Quality Ore Is Gobbled Up
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Iron ore’s gone from loathed to loved. The commodity capped a third weekly gain that lifted prices to the highest in almost five months on lower port stockpiles in China and speculation local production is contracting.
Ore of benchmark-grade 62 percent content delivered to Qingdao climbed 1.1 percent this week for the longest weekly run since April, according to Metal Bulletin Ltd. The commodity retreated 0.7 percent to $65.13 a dry metric ton on Friday after reaching $65.61 on June 11, the highest since Jan. 23.