On Tuesday, the price of iron ore rose for the fourth consecutive day, setting the longest upward cycle since July, as market speculation that the Chinese government will take measures to boost economic growth and stimulate the needs of the world's largest iron ore buying country.
According to data provided by Metal Bulletin, the price of iron ore (62% grade) transported to Qingdao, China today rose 3.6% to US$71.15/dmt. This is the first time that raw material prices have exceeded US$70/dry ton for more than three weeks, and this year’s price reduction has been reduced to 47%.
The steelmaking component is expected to set an annual decline for at least five years as BHP Billiton Limited, Rio Tinto Group and Vale expanded the output. Due to the downturn in real estate and overcapacity, China's economic growth this year is expected to reach only 7.4%. In order to support economic growth, the People's Bank of China will expand its cap on deposits in 2015 so as to increase the lending capacity of China's major banks.
Before the release of today's price data, Melinda Moore, an analyst with Standard Bank Plc in London, said, “When the People’s Bank of China changed the deposit ratio to effectively increase the loanable funds of commercial banks,†iron ore The price will be supported. Moore pointed out in a report that next year China may cancel housing purchase restrictions to increase positive sentiment.
In November this year, China, the world's second-largest economy, lowered its benchmark interest rate for the first time in more than two years to stimulate economic growth.
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