Ferrous wheel

8 March 2016 By Andy Critchlow

Prices for the steel-making commodity may have rebounded. Imports into China increased last month and a new railway building spree could boost demand. But miners still can’t accurately forecast demand and haven’t learned their lesson on supply.

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Spot iron ore prices surged almost 20 percent to around $60 per tonne on March 7. The raw material has gained 63 percent over the last three months, raising hopes that the slump in global commodities markets may have run its course.

The rebound in prices comes as China aims to achieve between 6.5 percent and 7 percent growth this year. The world’s largest consumer of the steel-making commodity is planning a $123 billion programme of railway construction which could boost demand.

China’s iron ore imports rose 8.3 percent to 73.61 million tonnes in February from a year ago, customs data showed.

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