Prices for iron ore cargoes with a 63.5% iron ore content for delivery in Tianjin rose to $136 per tonne, approaching the one-year-and-a-half high of $137.5 from late November amid signs of stronger demand among the world’s top consumers. Iron ore imports from China rose by 3.4% from the previous month in November, pointing to a pickup in demand from key steel manufacturers. The same report also showed that China’s steel exports grew by nearly 1% in the period, sustaining global steel demand and consequently, strong purchasing for blast furnace input materials. Earlier, the Chinese government stated it would issue CNY 1 trillion in debt to target infrastructure and manufacturing projects, magnifying previous signals from lenders, miners, and metallurgists that infrastructure expenditure in China is expected to offset the debt crisis for the residential construction sector.
CZR Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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