With supply still recovering, Chinese demand can keep iron ore prices up for now, relieving Vale, Rio Tinto and other major producers. It may not last, warns ClaraMarquesRTR
Chinese industrial output growth slowed to a more than 17-year low in July, expanding just 4.8% from a year earlier, the National Bureau of Statistics said on Aug. 14. Fixed-asset investment rose 5.7% in January to July from the same period last year, lagging expectations of a 5.8% gain.
Benchmark spot 62% iron ore for delivery into China was steady at $91.5 on Aug. 14, its lowest in more than four months, data from consultancy SteelHome showed. The price had rallied to touch $126.5 on July 3, the highest since early 2014.
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