Commodities
Iron Ore Set for Weekly Gain on China Steel-Recovery Speculation
- Commodity’s revival helps to boost miners’ shares in Australia
- ‘Demand is recovering for steel products,’ SDIC analyst says
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Iron ore headed for its third weekly gain in the past four on speculation Chinese demand may be showing early signs of improvement after a prolonged slump.
Futures for the steelmaking staple rose for a third day, to around $95 a ton in Singapore, and were up more than 3% for the week. The uptick has helped boost miners’ shares, with Rio Tinto Group, BHP Group Ltd. and Fortescue Ltd. all advancing in Sydney this week.