Spot Iron Ore Edges Up Near $150 Cap

Reuters reported spot iron ore prices edged higher on increased demand from China, but investors are weary of slowing growth predicting a $150 a tonne near-term cap.

As quoted in the market news:

Australian Pilbara fines with 61.5 percent iron content extended gains this week, with offers ranging between $144 and $146 per tonne on Thursday, including freight, up $1 from the previous day and 2 percent for the week, industry consultancy Umetal said.

China’s weaker economic growth target and its resolve to deflate domestic property prices will continue to weigh on steel demand growth in the world’s biggest steel producer and consumer, likely limiting the upside trend for iron ore.

Click here to read the full Reuters report.