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Iron Ore Going Crazy in China

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RobS
New Contributor
Iron ore going 'berserk' Iron Ore Jumps Most on Record as Market Goes ‘Berserk’ on ChinaJasmine Ng (Bloomberg) -- Iron ore soared the most ever after Chinese policy makers signaled their willingness to buttress economic growth, boosting the outlook for steel consumption in the top user and igniting speculation that some investors who’d bet against the market had been caught out. Ore with 62 percent content delivered to Qingdao jumped 19 percent to $63.74 a dry metric ton, data on Metal Bulletin Ltd.’s website show. That’s the biggest gain in daily data going back to 2009. The surge was preceded in Asia by a rally in futures, with the most-active contract on Singapore Exchange Ltd. climbing 21 percent to $60 and prices on the Dalian Commodity Exchange rising by the daily limit. “The iron ore and steel markets have gone berserk -- they’ve departed from fundamentals and are heavily driven by sentiment,” Zhao Chaoyue, an analyst at China Merchants Futures Co. in Shenzhen, said before the Metal Bulletin price was published. “Investors are expecting further monetary easing by the Chinese government to boost steel demand.” Iron ore has powered higher in 2016 as steel prices have strengthened, undermining forecasts for further losses driven by mounting low-cost supply from Australia and Brazil and weakening demand in China. At the annual National People’s Congress at the weekend, the authorities said they’d allow a record high deficit and higher money-supply target to support growth of 6.5 percent to 7 percent.
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3 REPLIES 3
J12
Frequent Contributor
Thanks for that info. Good to know.
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The_Trader
Frequent Contributor
Kio up 34,62% in 1 day. Unbelievable
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WR
Regular Contributor
Market reacting on something.... Kio was below r30 :(
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