- As a tough quarter winds down, iron ore spot prices have clawed their way back above $60/metric ton after rebounding from a one-year low, as steel production holds up in China and props up demand for the material even as supply increases.
- Spot ore with 62% delivered to Qingdao rose 4.4% today to $62.33/dry ton, the highest in five weeks, helping shares of global miners: BHP +3.2%, RIO +2.3%, VALE +4.1%, CLF +5.3%.
- “After the recent selloff, iron ore’s due for a rebound and is gaining favor with funds,” according to analysts at Maike Futures. “An improvement in profit margins has incentivized steelmakers to sustain production."