FSUMF - China iron ore tops eight-month highs on improving consumption

Benchmark iron ore futures in China jumped 4% on Wednesday, Reuters reports, hitting their highest level in more than eight months, as trading resumed after a holiday break. Most-active iron ore futures on the Dalian Commodity Exchange (SCO:COM) rose as much as 4.1% to 945 yuan/metric ton ($148.49), as demand at steel producers recovered from COVID-19 disruptions, before settling +2.2% at 927 yuan/ton. Relevant tickers include NYSE:RIO, NYSE:BHP, NYSE:VALE, OTCQX:FSUMF With expectations that China will stabilize its economy and stimulate the real estate sector, iron ore demand is expected to rise, according to analysts at Huatai Futures. Portside iron ore inventories in China totaled 155.6M metric tons in the week ended April 1, 4M tons below levels a week earlier and 3.3% from the mid-February peak, SteelHome said. "Vale has a great opportunity to be the primary ore and mineral supplier for most of the west," Sandis Weil writes in

For further details see:

China iron ore tops eight-month highs on improving consumption