Iron Ore Makes Comeback as Prices Near Highs Seen in April Boom
- Rally comes after boom-bust episode during April, May
- A number of events driving up steel sentiment, CRU’s Bai says
This article is for subscribers only.
Iron ore is making a comeback. Futures in China have reached their highest since the peaks hit during the speculative frenzy in April that drew global attention, and benchmark spot prices are on course for the fourth weekly gain in five.
On the Dalian Commodity Exchange, the September contract closed 1.4 percent higher at 472.5 yuan ($70.9) a metric ton. That’s 1.5 yuan short of the year’s highest close on April 21. Metal Bulletin Ltd. prices for 62 percent ore have gained every day this week.