With signs that China’s steel production remains robust and the country’s benchmark interest rates remain unchanged, iron ore has recovered.
The steel-making raw material rose up to 2.2% in Singapore on Tuesday, Dec 20, to USD 109.35 a tonne, after sharp declines.
China kept its preferred one- and five-year interest rates unchanged after moves this month to boost liquidity and lending.
There are signs that steel production remains robust despite the typically slower-paced start of the winter season.
Blast furnace operations are not far from the year’s peak after rising in the last two weeks.
Steel inventories are near the lowest level since February, and iron ore inventories continue to decline.
On the supply side, the daily average of Brazilian exports totaled 1.3 million tonnes in the first 12 days of December, compared to 1.37 million in the same period of the previous year.
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