Commodity pundits are at odds over
the outlook for iron ore ahead of China’s crucial legislative meetings this
week as traders speculate on the likelihood of Beijing announcing fresh
stimulus measures.
It comes as the price of the
steelmaking ingredient dropped to a four-month low last week as hopes of a
rebound in Chinese steel demand following the lunar new year holiday faded.
Futures traded in Singapore slipped 1.6 per cent to $US113.20 a tonne on
Friday, the lowest level since October.