(Bloomberg) -- Iron ore hit the lowest level since last May to trade well below $100 a ton ahead of data from China that may point to further weakness across...
-- Iron ore hit the lowest level since last May to trade well below $100 a ton ahead of data from China that may point to further weakness across its vast steel industry.Saudi Wealth Fund Said to Be in Talks to Buy National AirlineFutures declined as much as 3% to $97 a ton in Singapore after collapsing by more than 13% last week. Industrial production data are due later on Monday, offering an insight into conditions across Asia’s largest economy.
“Signs of weakness in demand continue to emerge, with Chinese smelters announcing output cuts,” ANZ Group Holdings Ltd. said in a note by analysts including Daniel Hynes. Holdings of iron ore at ports in China — the world’s biggest importer — have been building up, pointing to ample supplies. Inventories swelled to 140.9 million tons last week, the highest level in more than a year.
Superior Group of Companies, Inc. Beat Analyst Estimates: See What The Consensus Is Forecasting For This YearMELBOURNE -Australia's Mineral Resources said on Monday it intends to develop a lithium processing hub in the Goldfields region of Western Australia after its buyout of Poseidon Nickel's Lake Johnston nickel concentrator plant and mining rights.
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