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Iron Ore Defies the Odds: Prices Surge After Tariff Rollbacks
The past week or so has seen quite a yo-yo ride for global iron ore prices. Ore futures, including the most-active September contract on China’s Dalian Commodity Exchange (DCE), dropped by about 2% on May 8. The reasons for this were twofold: the likely consequences of the U.S.-China trade tariff war, and a demand slowdown in China. The drop also coincided with an announcement by the People’s Bank of China cutting the seven-day reverse repurchase rate. The week ended tamely enough. But come Monday, May 12, iron ore futures bounced back after the U.S. and China announced a 90-day relief in the tariffs. Make sense ... (full story)
