Iron Ore Rises 1.2% to $99 a Ton as China Expands Fortescue Curbs
Updated
Updated · Bloomberg · Jul 6
Iron Ore Rises 1.2% to $99 a Ton as China Expands Fortescue Curbs
3 articles · Updated · Bloomberg · Jul 6
Summary
$99-a-ton iron ore futures climbed as much as 1.2% before trimming gains, with the move driven by tighter trade restrictions and bargain buying after a recent slump.
China Mineral Resources Group asked several domestic steel mills and traders not to buy any new US dollar-denominated cargoes of Fortescue’s Super Special Fines, escalating its dispute with the Australian miner.
Those mounting curbs on Fortescue have supported the iron ore market in recent weeks by potentially tightening supply of a widely traded product.
Prices had fallen over the past couple of months, and that weakness also drew buyers back into the market alongside the latest China-related disruption.