Iron ore market ‘gone nuts’ sows confusion
Latest price spikes puzzle analysts as fundamentals still point to relatively subdued outlook
Iron ore’s recent turnaround since sinking into the $70s in mid-November extends a tumultuous year for the steelmaking ingredient.
Futures in Singapore initially advanced as much as 1.1% to $92.91 a tonne on Tuesday, the highest intraday price since September 19, before trading 0.4% lower at $91.53. Last week, prices gained 3.2%, advancing for the third week in four as steel prices rose and mills’ profitability improved.
Analysts including CRU Group had previously noted manufacturers and constructors were getting busier before winter. That is partly to offset an early Lunar New Year break in late-January.
“The market was probably pricing in a worst-case scenario, and that has improved slightly,” Hynes said.Read more: Business Day
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