Iron Ore Heads For 10% Weekly Surge As China Outlook Improves
(Bloomberg) -- Iron ore headed for a weekly gain of about 10% on speculation that China's economy may be on the mend, buoying the outlook for demand.
Futures in Singapore were little changed near $108 a ton on Friday, holding onto the biggest weekly advance since mid-2022. Banks including Goldman Sachs Group Inc. have been upgrading their outlooks for China's growth this year after factory activity and exports accelerate more than expected.
The steel-making commodity suffered from a brutal slump in the first quarter, sinking below $100 a ton, on signs that global seaborne supplies were running ahead of demand as China battled a persistent property crisis. While real estate has yet to see a clear turnaround, other macro prints have pointed to a revival in broader conditions. The country is the world's largest iron ore importer, and plays a pivotal role in the market supplied by pits in Australia and Brazil.
Iron ore's nascent revival has helped to lift miners' shares. In Australia, BHP Group Ltd. is on course for a fourth weekly advance, and Rio Tinto Group and Fortescue Ltd. have also climbed.
Iron ore slipped 0.2% to $108 a ton at 10:14 a.m. in Singapore. In China, yuan-priced iron ore futures in Dalian and steel contracts in Shanghai headed for weekly gains.
--With assistance from Yongchang Chin.
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
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