Iron ore prices bounce to best in a week on upbeat seasonal demand outlook [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
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Source: Seeking Alpha
The most-traded January iron ore contract ( SCO:COM ) on China's Dalian Commodity Exchange ended daytime trading at 707.0 yuan/metric ton ($99.25) after reaching an intraday high of 709 yuan/ton, its best level since September 3, and benchmark October iron ore on the Singapore Exchange recently was at $94.55/ton. Potentially relevant stocks include Rio Tinto ( NYSE: RIO ), BHP ( BHP ), Vale ( VALE ), Fortescue ( OTCQX:FSUMF ), Glencore ( OTCPK:GLCNF OTCPK:GLNCY ) and Anglo American ( OTCQX:AAUKF OTCQX:NGLOY "While China's economy continues to face headwinds, we see pockets of growth that should provide some support to commodity markets," ANZ analysts said, according to Reuters, adding that steel demand is expected to return to growth in 2025, as a rise in non-property sectors is helping offset the sharp drop in demand from the property sector. Iron ore prices should find support at ~$85/ton from mining costs , Morgan Stanley analysts said, as reported by Dow Jones, as that leve
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