Iron ore price bounces, hits $US63
The price of iron ore has moved away from a new five-and-a-half-year low after a four session losing run had the commodity poised to set the unwanted mark.
- DANIEL PALMER
- MARCH 02, 2015 7:45AM
At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US63.00 a tonne, up 0.8 per cent from its previous close of $US62.50 a tonne.
The commodity is now 3 per cent above the five-and-a-half-year low of $US61.10 a tonne set three-and-a-half weeks' ago, but still at risk of falling below $US60 for the first time since 2009.
Most analysts are predicting the commodity to trade in the range of $US60-$US65 a tonne for much of the next two years, though some have called for a brief retreat into the $US50s at some stage before a price floor can be found.
News on Sunday that China's manufacturing sector again contracted in February will do little to lift sentiment amongst buyers, though the 25 basis point rate cut from the People's Bank of China -- announced on Saturday -- offers hope to the sector.
A trend for the rest of the year is likely to be set in the next few weeks as construction season gets underway in China. Should demand fail to spike significantly, iron ore could be set to extend on the falls it has seen over the past year.
The commodity's value has halved over the past 12 months as supply ramps up from industry giants.
Among the sector heavyweights are BHP Billiton and Vale, with both firms hinting at persistent pressure on prices through 2015 while reporting softer financial data last week.
- Forums
- ASX - By Stock
- FMG
- Iron Ore Price
Iron Ore Price, page-69
- There are more pages in this discussion • 4,541 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add FMG (ASX) to my watchlist
(20min delay)
|
|||||
Last
$25.70 |
Change
0.510(2.02%) |
Mkt cap ! $79.12B |
Open | High | Low | Value | Volume |
$25.58 | $25.78 | $25.39 | $142.5M | 5.556M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 49920 | $25.66 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$25.71 | 2818 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 49920 | 25.660 |
1 | 8648 | 25.640 |
3 | 18728 | 25.630 |
3 | 13773 | 25.620 |
1 | 7010 | 25.610 |
Price($) | Vol. | No. |
---|---|---|
25.710 | 2818 | 2 |
25.730 | 9907 | 1 |
25.740 | 2382 | 1 |
25.750 | 9553 | 6 |
25.760 | 200 | 1 |
Last trade - 16.10pm 28/03/2024 (20 minute delay) ? |
|
|||||
Last
$25.73 |
  |
Change
0.510 ( 2.20 %) |
|||
Open | High | Low | Volume | ||
$25.57 | $25.78 | $25.39 | 738887 | ||
Last updated 15.59pm 28/03/2024 ? |
Featured News
FMG (ASX) Chart |
The Watchlist
BGD
BARTON GOLD HOLDINGS LIMITED
Alex Scanlon, Managing Director & CEO
Alex Scanlon
Managing Director & CEO
SPONSORED BY The Market Online