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Iron ore’s reset to $100 heralds China’s new economy shift
Iron ore’s reset to around $100 a ton is indicative of a broader reshaping of China’s commodities markets that favors the new economy over the old. The steelmaking material plunged to $95.40 a ton on Monday, a 10-month low, before nosing back into three figures, testimony to the damage still being wrought by a years-long property crisis that appears far from over. In early January, Singapore futures hit $143.50 a ton, their highest since June 2022. They last traded at $100.85, marking a 30% slump. Iron ore’s weakness comes amid tentative signs that the wider economy is beginning to heal. Factory activity ... (full story)
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- Posted: Apr 3, 2024 4:42am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 275
