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Iron ore price rallies on positive signals from China
The iron ore price rose on Wednesday, as positive signals from China’s latest financial meeting boosted market sentiment.
According to Fastmarkets, benchmark 62% Fe fines imported into Northern China rose 1.87%, to $125.32 per ton, the highest since March.
Iron ore is still most exposed to further policy support versus other commodities, analysts at Citigroup said, seeing further upside potential towards $130 a ton.
“Providing further support is lingering concerns over a possible supply disruption caused by potential labor strike in the West Australia, especially when there is a lack of clarity on progress of the issue,” Pei added.
Iron ore exports from Australia fell by more than 3 million tons in the seven days to Oct. 27 from the week before, according to Marcura. Total production of the steelmaking material by the largest four miners declined 2% in the third quarter compared to a year earlier, and BloombergNEF analysts expect output to further contract in the year’s final three months as miners face higher operational costs.
Meanwhile, Fortescue Metals Group Ltd.’s chief executive officer, Dino Otranto, told Bloomberg on Tuesday the company saw “continued robust demand for iron ore” from China, the world’s largest consumer.
Source: MINING.COM
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