China’s RMB 1 trillion (US$157bn) infrastructure program announced in early September would help push up prices for metals up.
This would also lead to an increase in the price of iron ore which has plummeted over the past few months, but climbed 7% from mid-September on the improved sentiment thanks to the government’s plan to fund new railways, highways and water treatment projects.
The imported price of 62%Fe content ore jumped to US$97/t, according to the price reporting agency Platts.
The country’s iron ore stockpiles at sea ports stood at a historically high of 101.88Mt although domestic steelmakers cut inventories at ports and mills by some 13% during August.
Source: China Metals e-mail [email protected]