(Bloomberg) -- Iron ore climbed to the highest level in seven weeks as Fortescue Ltd., the fourth-biggest producer, said full-year shipments are likely to be...
-- Iron ore climbed to the highest level in seven weeks as Fortescue Ltd. , the fourth-biggest producer, said full-year shipments are likely to be at the lower end of guidance after disruptions hit supplies at mines in Western Australia.Futures in Singapore rose more than 5% before paring gains. The company said exports were down 6% in its third quarter from a year earlier, due to an ore car derailment and weather woes.
More help for property owners emerged in Shenzhen in southern China. Thirteen developers agreed to allow homebuyers to cancel purchase agreements if they fail to sell their existing residences within 90 days. Even after their advance Wednesday, iron ore prices are still down 15% so far in 2024 as inventories of the material at China’s ports hold around their highest level in about two years. By contrast, an index of six base metals traded on the London Metal Exchange is up about 12% this year.Singapore futures increased to $118.70 a ton before trading at $118.35 by 3:23 p.m. local time. Dalian prices ended up 4.6%, while Shanghai steel contracts were also higher.
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