Prices for iron ore cargoes with a 63.5% iron ore content for delivery in Tianjin rose to above $135 per tonne, extending the rebound from the two-month low of $128.5 per tonne touched on January 17th amid further economic support from the Chinese government. The PBoC stated it would cut its reserve requirement ratio, adding liquidity to the financial system and supporting manufacturing and construction activity following renewed evidence of a struggling property sector for the world’s top iron ore consumer. Per the latest data, new home prices in China sank at the sharpest pace since 2015 in December, stretching the declining momentum to the sixth month. Also supporting ore prices, hot rolled coil and stainless steel inventories at major Chinese warehouses edged lower in the third week of January, pointing to some bidding activity for ferrous metals.
CZR Price at posting:
32.0¢ Sentiment: Buy Disclosure: Held
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