China’s iron ore strength cancelled out by world weakness

By Clyde Russell | Reuters

The iron ore market is looking increasingly bifurcated between a robust China and a lacklustre rest of the world, and the challenge is working out whether the boost from the one is enough to outweigh the drag from the other.

Certainly the market pricing indicates that the China story is the more compelling, with spot prices for 62% iron ore for delivery to north China, as assessed by commodity price reporting agency Argus, trading near the highest in a year.

The price ended at $110.50 a tonne on Tuesday, up from $108.95 the previous day and close to the 11-month high of $112.40 reached on July 14…Full Story