Iron ore prices stabilize on China demand optimism

Iron ore prices for 62% iron content edged higher toward $102 per tonne, pausing a recent decline on renewed optimism about demand recovery from China, the world’s largest consumer.

Iron ore prices stabilize on China demand optimism Guangzhou recently expanded its program to purchase older apartments, potentially boosting demand for construction materials like iron ore. Meanwhile, the People’s Bank of China left key lending rates unchanged this week, as anticipated, offering no fresh signals likely to impact demand.

Supply side

On the supply side, increased iron ore shipments from major producers like Australia and rising stockpiles at Chinese ports continued to exert downward pressure on prices.