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    September 24, 2021

    Iron-ore storms past $100 as China soothes Evergrande concerns

    Commodities, Iron Ore, Steel Industry China, Evergrande, Iron Ore Price

    By Krystal Chia | Bloomberg

    Iron ore’s roller-coaster ride in 2021 shows no signs of easing, with prices ending an unprecedented slump to move sharply higher as investors monitor simmering debt troubles at China Evergrande Group.

    The developer’s onshore property unit said it reached an agreement with yuan bondholders on an interest payment, offering some relief after fears over Evergrande’s financial stability sparked a global flight from risk. China’s central bank also boosted short-term cash into the financial system, helping steady commodity markets. 

    In Singapore, iron ore futures climbed more than 15%, surging back above $100 a ton from their lowest close in 16 months. Events around Evergrande spooked the market earlier in the week and the steelmaking material was already oversold, said Atilla Widnell, managing director of Navigate Commodities…Full Story

    Mgojo blames Exxaro’s 30% plunge in coal exports to “one of worst rail performances” China Energy Crunch Triggers Alarm, Pleas for More Coal

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