A state\u002Dbacked rally in Chinese equity markets has also played a big role in the commodity\u0027s rebound
Meantime, signs that China, the world’s biggest producer of steel, is mounting a solid recovery have propelled iron ore prices, which rose above US$112 a tonne on Wednesday, according to S&P Global Platts, up 9 per cent over the past month.
Tyler Broda, analyst at RBC Capital Markets, said long-term demand trends for steel remained uncertain, given China’s increasing dependence on debt to fund new investment. But the shorter-term outlook was bright, he said, because of policymakers’ clear focus on safeguarding jobs.Data released this week showed China imported more than 100 million tonnes of iron ore in June, up from 87 million in May. That was the highest monthly figure since October 2017.
In Australia, big operations that were running at full strength in June are planning maintenance work on rail and port facilities.Article content continued The rally in prices comes as some of the world’s biggest iron ore producers are due to update the market on their production and shipments.Article content continued
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