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Bloomberg reported that iron-ore swaps rallied to a 15-month high on speculation that China’s steel mills will need to buy supplies before the Chinese New Year holiday and as data showed that the industry is expanding in this country.

Bloomberg reported that iron-ore swaps rallied to a 15-month high on speculation that China’s steel mills will need to buy supplies before the Chinese New Year holiday and as data showed that the industry is expanding in this country.

As quoted in the market news:

February contracts rose 2 percent to $156.50 a dry metric ton by 12:04 p.m. in London, according to GFI Group Inc. That’s the highest for the next month’s swap since October 2011, according to data from SGX AsiaClear, the largest clearer of the derivatives used to hedge prices and bet on Chinese growth.

Click here to read the full Bloomberg report.

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