The rebound in the price of iron ore has failed to extend to three days as oversupply concerns continue to weigh.
Benchmark iron ore for immediate delivery to the port of Tianjin in China is currently trading at $US84.50 a tonne, down 0.8 per cent on its $US85.20 closing mark in the previous session, but still up sharply from last week’s five-year low of $US81.90.
The commodity, which has lost over 35 per cent this year, has been hit hard by rising supply from mining heavyweights at a time when Chinese demand has faltered.
However, it did manage a strong 4 per cent lift in the previous session amid reports Chinese buyers were restocking ahead of winter.
Such a report married with expectations from Mount Gibson Iron boss Jim Beyer for a bounce in the fourth quarter of the year.
“You get this consumption of stocks in China and then a rebuild of the stocks heading into winter, so traditionally the last quarter of the year is a fairly strong one,” he told Business Spectator at the end of last week.
Source: The Australian
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