Iron ore prices rebound as a new round of Chinese environmental inspections begin
- Iron or prices rebounded sharply on Wednesday, reversing losses seen in the prior two sessions.
- A new round of environmental inspections in major Chinese industrial hubs is now underway.
- Chinese industrial output and fixed asset investment data for April both undershot market expectations, leading to increased speculation over further stimulus measures being rolled out by policymakers.
- Chinese crude steel output jumped to 85.03 million tonnes in April, thew highest level on record.
Iron ore prices rebounded on Wednesday, helped by a bounce in steel futures and speculation over further stimulus measures being rolled out to support China’s economy.
According to Metal Bulletin, the spot price for benchmark 62% fines surged 2.8% to $96.95 a tonne, largely reversing its losses from the prior two sessions.
65% fines also jumped, closing up 2.5% at $112.10 a tonne. That’s the highest level since Metal Bulletin first started producing data on the grade at the start of 2016.
article in business insider:
https://www.*.com.au/iron-ore-price-china-steel-output-pollution-2019-5
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