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