Singapore — After what has been a tough quarter, iron ore’s getting a reprieve. Benchmark spot prices have clawed their way back above $60 a tonne after rebounding from a one-year low as steel output holds up in China, buoying demand for the material even as supply rises. Spot ore with 62% delivered to Qingdao rose 4.4% to $62.33 a dry tonne, the highest in five weeks, according to Metal Bulletin. The gain followed a jump in futures, with the SGX AsiaClear contract rallying 4.1%, and the Dalian Commodity Exchange’s price holding gains. Mining shares advanced, including BHP Billiton and Rio Tinto Group. The commodity’s uptick this week has pared losses seen this quarter spurred by concern over rising production, especially of low-cost supply, and China reining in leverage. Chinese Premier Li Keqiang said on Tuesday Asia’s biggest economy was on track to meet growth targets. Both steel coil and rebar in China are headed for gains in June after a multi-month run of losses. ‘Gaining Fav...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.