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Strong rebound in iron ore prices sprint $70
Addtime:2016/12/24 14:25:54  Views:424
Bloomberg said iron ore has been out of bondage and began a strong rebound. With steady demand, rising commodity prices and falling domestic production, raw materials, which have been sluggish in 2014 and in the wake of seaborne growth, have bounced back in 70 to $a tonne.
"It will continue to have unexpected performance," SanfordC.BernsteinLtd. analyst PaulGait said in an email. "I think the market is increasingly aware that steel as a commodity will not disappear, and earlier this year, iron ore prices below $50 per ton unsustainable"
The iron ore in December last year hit lows began to rebound, and often let the bears mad, short a few years ago predicted repeated supply drive prices down situation will reappear in 2016. Iron ore prices rose in April due to speculative speculation in China, and then fall, since then with the world's largest steel producer China's steel supply has maintained a high level, iron ore prices rise again. In addition, the shortage of high-quality iron ore, Chinese production decline is also one of the reasons for price increases.
"2014 and 2015, the trend is caused by the iron ore supply side simple factors, when a large number of supply into the market, while steel profit margins are under pressure this year, the market is more affected by technical factors," MarexSpectron iron ore operations director KristianThunes said. At present, the basic reason for this round is the soaring pollution prevention measures and the high cost of coking coal, coupled with the high grade iron ore demand."
According to MetalBulletinLtd. data, China's Qingdao port grade 62% spot price of iron ore rose by $67.43 on Monday at $3.7% a tonne, the highest level since April. Iron ore prices have risen 55% this year. Last December prices due to predict China's steel production will be a serious decline hit a low point, if from this level, the increase is reached 76%.
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