RE: A great idea3 Jul 2024 06:18
Fe > $110 pt
Prices of iron ore cargoes with a 62% iron content jumped more than 1% to $108, hitting a three-week high on hopes of stronger demand and more stimulus measures in top consumer China. A private survey showed that China’s June manufacturing activity expanded at the fastest pace in over three years, contradicting official data pointing to the second straight month of contraction. Investors also look ahead to the upcoming Third Plenum in Beijing this month where authorities are expected to lay out policy plans aimed at various reforms and China’s modernization. Still, recent data showed that iron ore production by Chinese mining companies increased by 13.4% year-on-year in the January-May period, while iron ore imports rose by 7%. However, steel production declined 1.4% YoY in the January-May period as profits have been squeezed by low margins.
https://tradingeconomics.com/commodity/iron-ore