Jul 12, 2024 05:29 PM
FINANCE
Iron Ore Swings Higher as Traders Await China Policy Signals
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A freight train carries iron ore toward Port Hedland, Australia. Photo: Bloomberg
(Bloomberg) — Iron ore continued a volatile week of trading, with prices struggling to find direction amid mixed market signals ahead of next week’s big political gathering in Beijing.
The steelmaking material rallied as much as 3.6% in Singapore on Thursday, following days of fluctuations including a 4.1% slump on Wednesday. Prices are down by nearly a quarter this year, largely because of pessimism over demand from China’s ailing construction sector.
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- Iron ore prices have been volatile, rallying by 3.6% in Singapore and previously dropping by 4.1%, with a nearly 25% decrease this year due to weak demand from China's construction sector.
- The uncertainty in China’s market is linked to the upcoming Third Plenum, where economic reforms, especially property policies, are expected.
- In base metals, aluminum rose from a recent low, while copper stayed mostly unchanged.
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What Happened When
- April 2024：
- Aluminum reached its lowest close on the London Metal Exchange.
- July 10, 2024：
- Iron ore prices slumped by 4.1%.
- By July 11, 2024：
- Iron ore prices rallied as much as 3.6% following days of fluctuations.
- July 11, 2024, 2:20 p.m. local time：
- Iron ore futures traded 2.6% higher at $108.15 a ton.
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