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Bloomberg reported the Chinese government has issued a stimulus to help support iron ore prices $120 higher a metric ton next year.
Bloomberg reported the Chinese government has issued a stimulus to help support iron ore prices $120 higher a metric ton next year.
As quoted in the market news:
Iijima said China’s 1 trillion yuan ($160 billion) in state spending announced in September means the steelmaking material is unlikely to drop below $100 a ton.
The outlook from Mitsui, which earns about half its net income from iron ore, comes after iron ore prices in China fell 42 percent to $86.7 a ton on Sept. 5 from an April peak.