Iron ore defies coronavirus gloom with bullish supply, demand narrative

, ,

By Clyde Russell | Reuters

Iron ore is continuing to defy the global economic gloom, with both futures in China and the spot price surging to the highest this year, showing how the steel-making ingredient is benefiting from a cocktail of supply concerns and demand hopes.

The Dalian Commodity Exchange’s most-active contract , for September delivery, ended at 723 yuan ($101.40) a tonne on May 22, up 25.2% since the start of the year in local currency terms.

The spot price for benchmark 62% iron ore delivered to China MT-IO-QIN62=ARG, as assessed by commodity price reporting agency Argus, ended at $97.30 a tonne on May 22, down slightly from the previous day’s close of $97.85, which was the highest price in eight months…Full Story

Related Posts

, ,

China may take steps to curb surging iron ore prices

Source: Reuters BEIJING (Reuters) -Chinese regulators may take steps to curb surging iron ore prices, the state-owned Shanghai Securities Journal said on Friday, without providing details on any actions to be taken. The report comes after China’s state planner said last week it had sought expert advice on how to deal with rising prices. Read […]

,

Coal shortage now at alarming levels, say aluminium producers

With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Aluminium Association of India (AAI) has urged the union coal ministry for immediate resumption of adequate coal rakes for the highly power-intensive Aluminium industry. In its representation to the Ministry, the AAI has lauded […]