Iron ore rises on pre-holiday restocking, China stimulus hopes
"Winter restocking of iron ore among steel mills is still underway, so we believe ore prices will find some support in the near term," analyst says.
Contemporary Amperex Technology Co., the world’s largest maker of electric-vehicle batteries and a key Tesla Inc. supplier, is planning its second dollar bond offering amid surging global demand for green cars.
CATL, as the Chinese company is widely known, has hired investment banks to arrange the potential debt sale, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it.
CATL is riding a boom in demand for EVs as countries including China work to reduce carbon emissions and consumers embrace more affordable, cleaner cars. Its net profit and revenue both more than doubled in the first half of this year as sales growth countered rising costs of raw materials such as lithium.
The Ningde, Fujian-based company is also in initial discussions about acquiring a roughly 10% stake in miner Jinchuan Group International Resources Co. in the hopes of securing supplies of key battery metals, Bloomberg reported last week.
(By Ameya Karve)
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