China iron ore hits 1-1/2-month high on supply concerns, stimulus hopes
By Enrico Dela Cruz | Reuters
China’s iron ore futures climbed to their highest in more than six weeks on Monday after data showed stockpiles of the steelmaking raw material at the country’s ports declined for two consecutive weeks.
Beijing’s promise to step up policy support to counter the economic fallout from a coronavirus outbreak also lent support not just to iron ore but to steel futures as well.
The Dalian Commodity Exchange’s most-traded iron ore contract, expiring in May, rose as much as 2.0% to 683.50 yuan ($97.29) a tonne, the highest since Jan. 8.
If sustained, the benchmark contract will mark its tenth consecutive session of gains. The last nine saw it rising 15.5% in its longest rally since June 2016 amid declining supplies from Australia and Brazil, which have pushed spot prices to four-week highs…Full Story