Iron Ore Whipsawed Near $100 as China Concerns Dominate Debate
- Economy seen as stabilizing but steel production barely higher
- Port holdings have expanded to the highest level in a year
Iron ore has retreated by more than a quarter since the start of the year to be one of the weakest performers among major commodities.
Photographer: Ian Waldie/BloombergThis article is for subscribers only.
Iron ore went on a roller-coaster ride, initially sinking well below $100 a ton only to flip higher following Chinese data that painted a mixed picture on steel demand.
Futures — which sank more than 13% last week — shed as much as 2.9% to $97 a ton in Singapore, then rebounded by more than that. While China’s overall growth was buoyed by strength in factory output and investment at the start of the year, nationwide steel production was only marginally higher in the first two months.