Iron Ore Prices Resume Early Week Rally

Reuters reported Shanghai rebar futures ended up more than 3 percent, giving hope that iron ore prices will resume their early-week rally after two consecutive daily declines.

As quoted in the market news:

Traders have been desperately seeking out the positives in the market after a slump beginning in early July sent iron ore prices tumbling by a third and Shanghai rebar to a record low last week.

News that Beijing would approve spending of more than $150 billion on a series of big infrastructure projects was enough to kickstart the market, sending iron ore prices back above the psychologically important $100 per tonne level this week.

Click here to read the full Reuters report.