Commodities
Iron Ore Flicks Higher From Lowest Close in Nearly Two Years
- Declining steel prices in China underscore market weakness
- Downward trend for iron ore expected to continue, says analyst
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Iron ore rose from its lowest close since November 2022, as bearish investors took pause after a sharp slump for the steelmaking material.
The flick higher on Friday ends five days of losses amid torrid conditions in China’s steel market, where prices for key products like rebar and hot-rolled coil continue to soften. Iron ore is still down about 9% for the week.