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China's iron ore market structure goes into contango

Shape of futures curve shifts as speculation about demand recovery pushes the May price above that of January

Iron ore deliveries in May on the Dalian Commodity Exchange are now more costly than nearer-term supplies for January, reversing the typical pattern that has held true for months.


IRON ore is in very unfamiliar territory. As China presses home its campaign to curb steel production, some investors are starting to wager that after a chill in winter, a torrent of pent-up demand will spur a springtime rebound in a move that has shifted the shape of the...

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