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Iron ore closes in on USD 100 as steel strengthens in China

Iron ore climbed to its highest level in almost seven weeks, moving closer to USD 100 per tonne, as firmer steel prices in top market China spurred buying interest in the raw material.

Based on data compiled by Steel Index, Benchmark 62% grade iron ore for immediate delivery to China .IO62-CNI=SI rose 1% to USD 97.90 per tonne the highest since May 27.

Iron ore has risen 10% since dropping to a 21 month low of USD 89 in mid June, so far the trough this year for prices that dropped below the USD 100 support level in May.

The most traded rebar contract for January delivery on the Shanghai Futures Exchange hit a session high of CNY 3,153 per tonne on Tuesday, near Monday’s peak of CNY 3,154 which was the highest since May 28.

China’s bid to push infrastructure spending to boost its economy has lifted steel futures in Shanghai to their highest since late May. That has helped increase purchases of spot iron ore cargoes, raising chances that prices will bounce back to USD 100 per tonne after falling nearly 30 percent this year.

Source – Reuters

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