Over the past week, the price of iron ore has experienced a ...

Over the past week, the price of iron ore has experienced a notable rise, primarily driven by new stimulus measures from China. On September 24, 2024, iron ore futures surged by 4.64% on the Dalian Commodity Exchange, marking the largest single-day increase in over a year. This rally brought prices to around $99.38 per metric ton. Similarly, on the Singapore Exchange, the October contract rose by 5.8%, reaching $94.65 per ton.
This price recovery was fueled by China's central bank implementing its largest stimulus package since the pandemic, aimed at bolstering the economy and reviving consumer demand. Additionally, the upcoming National Day holiday in China (October 1-7) prompted a surge in restocking activity among steel mills, further lifting iron ore demand.
However, analysts caution that while this rally is significant, the broader outlook remains uncertain due to ongoing inventory pressures and potential market fluctuations $BHP Group Ltd (BHP.AU)$