Iron Ore's Big China Property Problem Just Isn't Going Away [BNN Bloomberg (Canada)]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
Pockets of strength in the Chinese steel market have boosted the raw material after a plunge below $100 a ton in early April. Surging steel exports, signs of life in factory activity, and hopes for more policy support from President Xi Jinping's government have all helped. But at a major industry gathering in the iron-ore trading hub of Singapore this week, the murky prospects for Chinese real estate were still a major worry for market participants. “There's no real sign that things are turning around on construction,” said Atilla Widnell, managing director at Navigate Commodities Pte., who was at the gathering in the city-state. “Manufacturing was a bright spot but it has slowed. The bulls point to steel exports but you only get strong exports when the domestic market is in bad shape.” China's construction frenzy in the first two decades of this century supercharged iron ore demand and delivered massive profits to mining giants like BHP Group Ltd. and Rio Tinto Group. However,
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