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Iron Ore Rallies Into Bull Market After BHP Billiton’s Shift
Iron ore advanced into a bull market after BHP Billiton Ltd. curbed expansion plans and supplies from higher-cost mines dropped, easing concern global output will outpace demand and feed a global glut. Miners’ shares jumped.
Ore with 62 percent content at Qingdao surged 5.5 percent to $57.81 a dry metric ton on Friday, the highest level since March 16 and it’s up 13.5 percent this week, according to Metal Bulletin Ltd data on its website. The benchmark remains 60 percent below the peak of $144.18 reached in August 2013.
Iron ore jumped this week after BHP said it was curbing the pace of its expansion by deferring port works in Australia. A floor in prices may now be forming, according to Australia & New Zealand Banking Group Ltd. and Pacific Investment Management Co. There’ll be no net growth in supply in 2015 as new low-cost output is offset by mine closures, CLSA Ltd. said on Tuesday.
Iron Ore Price, page-2434
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Last
$19.55 |
Change
0.050(0.26%) |
Mkt cap ! $60.19B | |||
| Open | High | Low | Value | Volume |
| $19.98 | $20.30 | $19.51 | $184.3M | 9.305M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 2568 | $19.51 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.56 | 44282 | 3 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |