Iron ore extends rally to $US237, Bank of America lifts forecasts
May 12, 2021 1 min, 15 secs
Iron ore rose back through $US230 a tonne, extending its rally on deepening optimism for prices and demand for both the steel-making material and steel.

The index is up 21 per cent the past week, 35 per cent the past month and 46 per cent so far this year.

In a ‘Metals Strategist’ note, Bank of America’s four steel analysts said the recovery of the global steel market “has been remarkable” and was led by China, where a combination of strong demand and announced capacity curtailments in Tangshan have supported prices.

The analysts also said they expect Chinese steel demand to rise 2.9 per cent year over year in 2021, “with spending on infrastructure and machinery a key driver of steel consumption in the country”.

RBC Capital Markets said given the modest drawdown of steel/iron ore inventory this week and extrapolating on recent steel production data, it’s hard to argue that supply and demand fundamentals drove the recent price increases week over week, “with such movements more likely tied to speculative trading”.

In response to the latest rally, Baoshan Iron & Steel, China’s biggest listed steel producer, this week said it would limit its iron ore inventories in the short term as prices for the raw material have risen “much higher than they should”.

At least three leading Chinese thermal coal pricing indexes have suspended publication of daily assessments after spot prices of the dirty fuel surged 20 per cent within a month during what is traditionally the low season for coal demand, Reuters reported.

1. Can Biden's foreign policy really deliver for the middle class? - POLITICO
Jun 18, 2021 # politics 1 min, 58 secs
2. (READ): Study: Ivermectin can lead to “large reductions” in Covid-19 deaths - Sharyl Attkisson
Jun 21, 2021 # health 41 secs
3. Highly contagious Delta variant​ could cause next COVID-19 wave: "This virus will still find you"
Jun 22, 2021 # breaking 35 secs
4. ‘Black Widow’ Actor David Harbour Teases Red Guardian Vs. Captain America Origins Story - Deadline
Jun 18, 2021 # entertainment 21 secs
5. How David Ellison Built Skydance Into Hollywood's Smart Bet - The New York Times
Jun 20, 2021 # entertainment 4 mins, 15 secs
6. Primeur: footballprof VS komt uit de kast op Instagram
Jun 22, 2021 # breaking 8 secs
7. Jennifer Lopez Stuns in an Orange Skirt With a Thigh-High Leg Slit and Gold Platform Boots - Yahoo Lifestyle
Jun 19, 2021 # entertainment 24 secs
8. Contaminated blood inquiry: The school where dozens of pupils died - BBC News
Jun 21, 2021 # health 1 min, 54 secs
9. Warriors' best, worst-case scenarios for NBA draft lottery - NBC Sports Bay Area
Jun 21, 2021 # politics 48 secs
10. Tinder wants you to actually talk to people before you match - The Verge
Jun 22, 2021 # politics 31 secs
11. Drinking 3 to 4 cups of coffee a day reduces risk of liver cancer, study suggests - USA TODAY
Jun 22, 2021 # health 57 secs
12. Disney Guest Jumps and Falls Out of Attraction In Attempt to Steal a Cucumber - Inside the Magic
Jun 21, 2021 # entertainment 27 secs
13. Kelly Dodd, Rick Leventhal 'never happier' despite 'RHOC,' Fox News exits - Page Six
Jun 18, 2021 # politics 1 min, 3 secs
14. Poll: Most Americans reject validity of 2020 election audits
Jun 21, 2021 # breaking 44 secs
15. Senators say they've reached agreement with White House on a $1.25T bipartisan infrastructure 'framework'
Jun 24, 2021 # breaking 1 min, 35 secs
16. Puerto Rico Governor Pedro Pierluisi on island statehood, Hurricane Maria and COVID recovery
Jun 23, 2021 # breaking 2 secs


Get monthly updates and free resources.


© Copyright 2021 365NEWSX - All RIGHTS RESERVED