The iron ore price surged more than 2% on Friday, posting a third straight weekly gain amid hopes for strong demand, fuelled by China’s fresh stimulus measures.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $137.36 a tonne during morning trading, up 2.3% compared to Thursday’s closing.
Benchmark iron ore futures on the Dalian Commodity Exchange, for May delivery, jumped as much as 3% to 762 yuan ($120.12) per tonne, the highest since October 13. They ended up 2.2% to 756 yuan a tonne, sending the weekly gain to 4.6%.
“The recent recovery is premised on a market view that may well end up shaping commodity prices for 2022, namely that China is once again going to open up the stimulus taps to boost a flagging economic recovery,” wrote Reuters columnist Clyde Russell.
