Prices for iron ore cargoes with a 63.5% iron ore content for delivery in Tianjin advanced to $130 per tonne, the highest in over seven months, amid expectations of robust demand and risks to supply. Beijing stated it would accelerate the issuance of bonds after accommodating for an additional CNY 1 trillion in debt to target steel-heavy infrastructure and manufacturing projects. The developments magnify previous signals from lenders, miners, and metallurgists that robust demand for infrastructure in China is expected to offset the debt crisis for the residential construction sector, maintaining active purchasing activity for iron ore inputs. In the meantime, giant Australian miner BHP approved industrial action plans that could halt selected mining operations in the near term.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)