[miningmx.com] – THE price for iron ore posted its biggest gain in 18 months amid speculation China would take more steps to stimulate its economy, said BDLive, citing a Bloomberg News report it republished.
Iron ore with a 62% content was delivered into China at $71.26 per tonne following gains in the previous five sessions and taking last week’s gains to 5.8%. Iron ore prices fell 47% last year.
“There’s potential for the Chinese economy to be stimulated sometime soon” given the weaker PMI [Purchasing Managers Index] data, Morgans Financial analyst James Wilson in Perth told Bloomberg News.
“That may lead to more demand for steel products and iron ore. The December-January period is when the Chinese restock traditionally, so there’s some demand from there,” he said.
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