NGLOY - Iron ore price skyrockets as China imports hit highest since July 2020
Rio Tinto (RIO +3.7%), BHP (BHP +3.9%) and Vale (VALE +2.2%) all enjoy strong gains as iron ore prices surge to the highest level in more than five weeks after data showed China's iron ore imports jumped 14.6% in November from October to a 16-month high. China imported 104.96M metric tons last month, up from 91.61M mt in October and 6.9% above year-ago levels, according to the General Administration of Customs. According to Fastmarkets MB, benchmark 62% Fe fines (SCO:COM, TIOC:COM) imported into northern China +8.8% to $111.34/mt. Other relevant tickers include OTCQX:FSUMF, OTCQX:AAUKF, OTCQX:NGLOY, OTCPK:GLCNF, OTCPK:GLNCY "The surprise in import growth was driven by a rebound in commodity volume, probably reflecting improving infrastructure capex demand as local governments stepped up stimulus toward the turn of the year," says Societe Generale economist Michelle Lam. Separately, Rio Tinto is upgraded to Hold from Sell at Liberum, which argues that bad news is now
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Iron ore price skyrockets as China imports hit highest since July 2020