COM - Iron ore adds to seven-month highs on China post-lockdown demand hopes

Iron ore prices extend their recent rally, as markets expect robust restocking demand in China when COVID-19 restrictions are lifted, Mining.com reports. The most-traded Dalian iron ore (SCO:COM) for September delivery ended daytime trade +3% at 895 yuan/metric ton ($140.90) after touching 898 yuan, the highest since August 9, and benchmark 62% Fe fines (TIOC:COM) imported into Northern China +3.4% to $158.20/ton, according to Fastmarkets MB. Relevant tickers include NYSE:RIO, NYSE:BHP, NYSE:VALE, OTCQX:FSUMF Traders are buying iron ore "following data [showing] that Chinese industrial companies enjoyed strong profit growth in Jan-Feb 2022," SP Angel analyst John Meyer reportedly said, referring to data released earlier this week. "Vale has a great opportunity to be the primary ore and mineral supplier for most of the west," Sandis Weil writes in a bullish analysis published recently on Seeking Alpha.

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Iron ore adds to seven-month highs on China post-lockdown demand hopes