The spot price of iron ore is being pushed higher in a pincer move of stronger Chinese demand and lower supply from the world’s two biggest exporters of steel raw material. mining
5.7% over the past week and is now 63% higher than the 2022 low of $79 a tonne, hit on Oct. 31.
It’s worth noting that stockpiles remain well below the same week last year when they were at 160.95 million tonnes. Easier monetary policy and loans are among measures aimed at boosting construction, and another pilot scheme to boost private investment in real estate was announced on Monday. Australia’s iron ore exports are likely to drop in February, with Kpler estimating shipments of 57.7 million tonnes, while Refinitiv is forecasting 58.74 million.
This would be up from January’s exports of 22.91 million, which Kpler data showed were Brazil’s weakest since February last year.
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