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Iron ore has reached “unreasonable” levels that are hurting Chinese steel mills, according to China Mineral Resources Group, the state-backed firm trying to boost Beijing’s sway over prices.
Iron ore futures in Singapore notched their highest close since March on Monday in a rally largely powered by surprisingly resilient Chinese steel output. The global iron ore market is in deficit and more price gains are coming, Goldman Sachs Group Inc. said in a note on Tuesday. Mining executives in the audience at the Shanghai event included Dino Otranto, chief executive officer of Fortescue Metals Group Ltd., while Rio’s Chief Executive Officer Jakob Stausholm delivered a speech to the gathering by video.
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