As good as it gets: Iron ore risks a reversal as China cools
Thu, Aug 17, 2017 - 5:50 AM
Rio Tinto's stockyard in Western Australia. For now steel production is holding at unprecedented levels, with output in July at 74 million tonnes, up 10 per cent from a year ago.
IRON ore in the US$70s a tonne may be as good as it gets for some time. After rallying hard in June and July, the commodity may see its gains unravel over the second half as steel production in China eases back from a record pace just as global miners pump up volumes.