Texture from Reuters:
“The surge in iron ore prices was mainly driven by supply concerns from foreign miners in the first quarter next year,” said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India.
Meanwhile, demand prospects for construction steel products and steelmaking raw materials were improved as the latest Chinese Communist Party conference reiterated the need to strengthen infrastructure constructions, and did not mention real estate controls, Tang added.