Iron ore futures in China rose to a five-week high yesterday, recovering from a recent fall on expectations that Beijing’s moves to weaken its currency will help boost steel exports by the world’s largest producer.
The rise in iron ore prices also followed a chemical blast in the port city of Tianjin, which has disrupted imports.
Iron ore futures for January delivery on the Dalian Commodity Exchange rose nearly 4 per cent to Rmb388.5 a tonne. Ore with 62 per cent iron content for immediate delivery to China rose 40 cents to $56.20 a tonne, according to an assessment from The Steel Index.
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