Iron ore futures for May 2021 delivery rises past 5.0% to 671 yuan ($105.46) per ton during early Monday morning in Europe. In doing so, the key steelmaking ingredient marks the first daily jump in three while taking clues from China.
During the 2021 Central Economic Work Conference, Chinese officials showed readiness to use monetary and fiscal policy tools to stabilize the world’s second-largest economy in 2022. Given the dragon nation’s status as the world’s largest commodity user, its readiness to spend more ultimately helps the iron prices.
It should be noted, however, that the spot prices aren’t much impressed as Reuters quotes SteelHome consultancy to say, “Spot prices of iron ore, with 62% iron content for delivery to China, dipped $1 to $108 per tonne on Friday.”
