Wow:
26% up today. Here’s why, from Reuters:
Iron ore futures in China surged nearly 5 percent to hit their upside limit on Monday and Singapore futures rallied more than 8 percent, buoyed by bullish sentiment and expectations that Chinese steel mills are planning a short-term output boost.
Tangshan city in northern China’s Hebei province, the country’s top steel producing region, is scheduled to host an international horticultural exposition between April 29 and Oct. 16.
authorities are expected to order steel mills in the region to slash production to reduce air pollution, and producers are expected to increase output ahead of the event.A draft on how the government will limit pollution during the period was released at the weekend, said Wang Di, analyst at CRU Group in Beijing.
“I also think bullish sentiment is playing a big part in pushing up prices,” said Di, adding that while actual steel demand has improved compared with the winter period, there “hasn’t been a significant change.”
The market is always perfectly priced!
