, Columnist
China’s Steel Spike Isn’t a Stimulus Sign
Winter restocking rather than real industrial demand looks to be behind this sudden rally.
Steel mills are rushing to top up supplies that have run short.
Photographer: AFP/Getty Images
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Is China about to embark on a fresh bout of stimulus? Some people in the metals market seem to think so.
Prices of benchmark 62% iron ore in Singapore have been booming, jumping 5.3% on Monday and closing Wednesday more than 21% up on their level a month earlier. There seems to be real activity behind that movement: Rolling three-month imports in October hit their fastest pace of annual growth in almost two years.