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Iron ore rebounds on Jun 13 as China's steel prices stabilize amid positive macroeconomic factors

14 Jun 2024 17:16 reported by Stanley Wang

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Australia's iron ore 62% Fe, CFR China rebounded on June 13, climbing back above US$106. Boosted by positive macroeconomic factors, market confidence has surged, leading to a stabilization in China's steel prices. As a result, iron ore has rebounded for two consecutive days.

With U.S. inflation slowing down and expectations of interest rate cuts heating up, mainland China's Producer Price Index (PPI) rose by 0.2% month-on-month in May, terminating continuous monthly declines in the previous six months. The positive macroeconomic incentives and improved market confidence have driven black commodity futures higher.

However, adverse weather conditions in China and weak demand for steel products persist. The market currently stands between strong expectations and weak reality. In the short term, it remains challenging to predict the trend of steel prices, and iron ore may experience a volatile trend.

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