Iron Ore Powers Back to $100 in World’s Top User as Miners Surge
- Futures in Dalian, Singapore surge on outlook for consumption
- ‘Construction demand is returning,’ says Kallanish’s Gutierrez
Iron Ore Leads Mining Turnaround, Boosts Rio Tinto
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Iron ore keeps getting told the end is nigh: so far in 2017, the response has been the end’s just another high. The rally has been powerful enough to push futures in China back to $100 a metric ton as spot prices trade at levels last seen in 2014, boosting miners’ shares.
On China’s Dalian Commodity Exchange, most-active futures surged as much as 8.3 percent to 694 yuan ($101) a metric ton and settled at 688 yuan, while Singapore’s SGX AsiaClear contract also climbed. Spot ore with 62 percent content in Qingdao advanced 3.3 percent to $86.62 a dry ton, the highest since September 2014, according to Metal Bulletin Ltd.