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Iron Ore Seen Revisiting $100 as China's Housing Woes Worsen [Yahoo! Finance]
Last tesla, inc. earnings: 4/29 04:11 pm
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Most Read from Bloomberg Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding US Yields Spike as Hawkish Powell Puts 5% in Play: Markets Wrap China Tells Iran Cooperation Will Last After Attack on Israel What If Fed Rate Hikes Are Actually Sparking US Economic Boom? Powell Signals Rate-Cut Delay After Run of Inflation Surprises Falling steel production and emissions controls on highly polluting blast furnaces should shrink Chinese iron ore demand by 1% in 2024 and 2% in subsequent years, the London-based research firm said in a note on Tuesday. At the same time, plans by the big miners to raise production will swell supply, putting prices under pressure. Demand growth elsewhere in the world is unlikely to soak up enough of the surplus given China's near-70% share of the global market, Capital Economics said. Iron ore has staged a mini-recovery this month, after tumbling below $100 a ton due to disappointing demand in China. Futures last traded at $111.10 a ton
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