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Home » Home » Iron Ore surges 3.2 pcto highest since October 2014

Iron Ore surges 3.2 pcto highest since October 2014

Iron ore surged overnight, as did rebar streel futures in China, amid signs of a strengthening Chinese economy and concerns over tightening supply.
The surge above the $US80 a tonne mark came after the Hebei government ordered an investigation into production quality at several induction furnaces in the province, according to Metal Bulletin.
 Following the suspension of production at a number of furnaces in Jiangsu province, Hebei province has announced it too is to to conduct inspections on several induction furnaces on December 6 to prevent the production of “sub-standard” semi-products, Metal Bulletin reported.
Chinese rebar steel futures surged nearly 7 per cent to their highest since April 2014. Coking coal and coke also sharply higher. The advances marked the fifth consecutive day of gains for both steel and iron ore.
Traders are replenishing steel inventories on hopes firm demand will be sustained next year as China’s manufacturing sector recovers and Beijing spends more on infrastructure projects.
Source: SMH.Com