Iron Ore’s ‘Irrational’ Rally Past $100 Triggers Warning From Chinese Media
- Chinese industry media says no ‘fundamental support’ for gains
- Steel raw material heads for highest close since early August
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Iron ore has jumped by about 10% in 10 days to breach $100 a ton, prompting the official journal of China’s metals industry to pen a long article on why the gains are overdone.
The steelmaking material has powered higher in the face of a barrage of downbeat commentary on prospects for Chinese demand — including from top global iron ore miner BHP Group Ltd. The advance is piling pressure on China’s struggling steelmakers, according to state-affiliated China Metallurgical News.