Business
Iron ore surges 4.9pc as China returns from New Year break – The Australian Financial Review
The spot price of iron ore leapt 4.9 per cent amid renewed demand for the steel making material as Chinese mills got back to work.
Daniel Sullivan, head of global natural resources at Janus Henderson, this week said he expected a tight iron ore market for now, adding that the mining sector looks cheap.
The ongoing commodity rally now implies average mark-to-market earnings upgrades of 20-30 per cent for base metals companies and 50-80 per cent for diversified miners exposed to rampant iron ore prices, Mr Sullivan also said.
The outlook for steel and iron ore is favourable for early 2021 and we have reduced underweights by adding…
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