Iron-Ore Swaps Rally to 15-Month High as China Seen Accelerating
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Iron-ore swaps rallied to the highest in 15 months on speculation Chinese steel mills need to restock before the New Year’s holiday and data showed industry expanding in the world’s largest importer.
February contracts rose 2 percent to $156.50 a dry metric ton by 12:04 p.m. in London, according to GFI Group Inc. That’s the highest for the next month’s swap since October 2011, according to data from SGX AsiaClear, the largest clearer of the derivatives used to hedge prices and bet on Chinese growth.