Iron ore is China's largest import commodity by volume and, spending nearly US$100bil annually, China wants to be sure it pays a fair price - Reuters Photo.
SINGAPORE: Iron ore in the US$70s a tonne may be as good as it gets for some time. After rallying hard in June and July, the commodity may see its gains unravel over the second half as steel production in China eases back from a record pace just as global miners pump up volumes.
The robust demand that’s supported gains may fade as steelmakers start to dial back output, according to Capital Economics Ltd, which came out first among forecasters in the second quarter, according to data compiled by Bloomberg.
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