Iron Ore's Quiet Comeback Puts Price Back Near $50 as Break Ends
- `The market has become more optimistic,' analyst Zhao says
- Vale SA's fourth-quarter production drops to miss estimates
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Iron ore is making a quiet comeback. Prices climbed to the highest in three months as steelmakers in China start to boost output after the Lunar New Year break and the biggest miners post slower growth in supply.
Ore with 62 percent content rose 2.9 percent to $48.52 a dry metric ton on Friday, the highest since Nov. 11, according to Metal Bulletin Ltd. The raw material advanced 11 percent this week. The resurgence has helped to lift miners’ shares, with Fortescue Metals Group Ltd. up 23 percent in Sydney since Monday.