As China continues to urbanize, iron ore demand will remain robust, with prices staying in the $130 to $140 a tonne range for the next couple of years, says the executive VP of CFH Capital.
Articles Tagged "iron ore price"
Reuters reported that Shanghai rebar futures fell to their lowest in almost three weeks on Monday. Iron ore futures also retreated, closing down 0.3 percent at 932 yuan a tonne.
Now may be the time to take another look at iron ore companies as an investment, with many making major gains over the last 3 months.
Steel Guru reports, via Reuters, that spot iron ore scaled a two month high as recent gains in Chinese steel prices encouraged producers to pick up cargoes of the raw material, setting it up to test the USD 140 per tonne level last seen in August.
MINING.com reported that the price of iron ore jumped to a three-week high on Monday, after Chinese imports of the steelmaking raw ingredient hit new record highs.
Iron ore has had a pretty good run this year, but the market is awaiting an onslaught of new product from Australia, Brazil and India, which is likely to push the price down.
The CEO of Aquila Resources (ASX:AQA, TSX:AQA) expects that continued growth in Chinese steel production will support the price of iron ore even while analysts are predicting a glut due to oversupply, Mining Weekly reported.
The move is being seen as a further indication of the Chinese government's willingness to loosen its control over the iron ore trade.
The price of iron ore jumped to its highest level since May 20 on Friday, climbing more than 5 percent in a week, MINING.com reported.
The price of iron ore made a jump of 2 percent on Tuesday, closing in on around $120 a tonne, MINING.com reported.