Oh my lordy.
It's happening.
Geez i'm glad i took a position when i did/
https://www. copyright link/markets/commodities/iron-ore-reaches-for-us150-a-tonne-on-china-bets-20220129-p59s60(remove space ^)
The spot price for iron ore has risen 24 per cent to start the year and there’s the potential for it to top $US150 a tonne after next week’s Lunar New Year break.S&P Global Platts said its benchmark spot price rose $US9.15 or 6.6 per cent to $US147.90 a tonne on Friday; it closed 2021 at $US119. Chinese financial markets and most businesses will be closed all next week.
“Sentiments have been strong, and big traders have been buying a
lot of the Australian products on both spot market and ports,” another
China-based trader source told Platts.
The year-to-date rally reflects in part a shift to easier monetary policy at the People’s Bank of China as the nation’s overall growth slows...
In a note this week,
Goldman Sachs said Chinese policymakers are expected to pull forward some five-year projects and roll out stimulus measures on consumption to bolster the economy.In addition, there’s an expectation that
China will ease restrictions on steelmakers as well as other heavy industrial firms after the Beijing Olympic Games conclude on February 20. Steel output has been checked for several months to limit air pollution.
Separately,
President Xi Jinping this week said China’s efforts to lower carbon emissions should not negatively impact other priorities including securing enough energy and materials to meet the nation’s needs.Spot price also have been lifted by seasonal weather disruptions in both Brazil and Australia, exacerbated somewhat this year by COVID-19 staff shortages too.
