Dalian and Singapore iron ore futures hit their highest in two weeks on Thursday as sentiment improved on the prospects of Chinese stimulus policies to revive the economy, better-than-expected factory activity data and supply disruption worries.
Weak manufacturing data has raised expectations of policy support for industry, analysts at investment bank ANZ said in a morning note.
The official manufacturing purchasing managers’ index (PMI) released on Wednesday fell to a five-month low of 48.8, contributing to broad weakness in the ferrous metals market that day.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.