Vale board members in a ‘state of war’ over CEO succession — report
Last week, consulting firm Russell Reynolds delivered a list of 15 potential successors for Eduardo Bartolomeo.
Iron ore staged a partial recovery, after slumping by the most since mid-2022 on Monday, as investors weighed the outlook for Chinese demand amid a lack of fresh stimulus.
The steelmaking material rose on Tuesday after plunging almost 7% in the previous session to below $110 a ton, the first time it’s been under that level since August. Iron ore has lost about a quarter of its value since early January.
Persistent issues facing China’s steel-intensive real estate sector have weighed on demand. The crisis looks far from over, with state-backed developer China Vanke Co. stripped of its investment-grade credit rating by Moody’s Ratings. The agency said credit metrics and liquidity will weaken because of falling home sales and funding uncertainties.
The annual National People’s Congress in Beijing, which concluded Monday, offered few positive signs for investors, and a hoped for pickup in construction activity following the Lunar New Year holidays hasn’t eventuated. Iron ore stockpiles at Chinese ports have swelled to the highest in a year.
Iron ore rose 1.3% to $108.65 a ton as of 2:43 p.m. in Singapore. Futures in Dalian were little changed, while steel contracts in Shanghai climbed.
Base metals were lower on the London Metal Exchange ahead of the release of US inflation data that could impact the timing of the Federal Reserve’s pivot to monetary easing. Aluminum was down 0.3% and copper slipped 0.1%.
(By Jason Scott)
Read More: Aluminum price nears six-week high on signs of seasonally robust demand
Comments