Iron Ore's Back in the Black for `17 as Losses Overturned: Chart
(Bloomberg) -- Iron ore's rally in the past two months has been so strong that futures in Singapore are now back in positive territory for 2017. The most-active SGX AsiaClear contract -- which at one point was down by almost a third -- surged as much as 7.3 percent to $77.84 a metric ton on Monday. The rebound has come as steel mills in China benefit from buoyant steel prices and strong profit margins, which is underpinning demand for ore in the top importer and benefiting miners including Rio Tinto Group, BHP Billiton Ltd. and Vale SA.
To contact the reporter on this story: Jasmine Ng in Singapore at jng299@bloomberg.net.
To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net, Jake Lloyd-Smith
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