Iron ore rises as China again warns against speculation
Iron ore prices rose Wednesday on optimism for rising demand as China's economy reopens.
According to Mining.com, Fastmarkets MB reported 62% Fe fines (TIOC:COM) imported into Northern China were +3.1% to $113.60/metric ton, while benchmark February iron ore (SCO:COM) on the Singapore Exchange recently was +0.8% at $121.55/ton.
Potentially relevant companies include BHP (NYSE:BHP), Rio Tinto (NYSE:RIO), Vale (VALE), Fortescue (OTCQX:FSUMF), Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) and Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY).
China's state planner issued its third warning this month against excessive speculation in iron ore, saying it will step up supervision of the country's spot and futures markets.
Iron ore on China's Dalian exchange recently touched 883 yuan/ton, its highest price since August 2021.