Iron ore’s stunning surge won’t fade anytime soon because buyers remain nervous about being caught short as global demand accelerates amid lingering supply threats, according to a veteran commodities trader.
“Logic dictates that these are ridiculous prices but fear will continue to keep the scramble going,” said Andrew Glass, Singapore-based founder of Avatar Commodities Ltd. and former head of ferrous trading at Anglo American Plc.
Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) hit a new record on Wednesday, up 3.7%, changing hands for US$237.57 a tonne, according to Fastmarkets, MB.
Comments