Iron ore led metals higher with the key steelmaking material rising from its lowest close in a week and a half as investors mulled what China might do next to bolster its economy.
After swinging between gains and losses since Monday, iron ore is on course for a modest weekly drop. Muted steel demand during the peak-construction season is a key headwind, according to ANZ Group Holdings Ltd., which sees prices “finding a floor” near $95 a ton.
There are still hopes that China, the biggest metals consumer, will announce more measures to spur growth. The People’s Bank of China’s implemented a surprise rate cut last week, but the call for more measures is growing. State-run media ran front-page articles Wednesday saying the central bank is likely to ease monetary policy further.
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.