Surge in China steel making buoys iron ore miners, hurts local producers

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Ben Cleary, a portfolio manager at Tribeca Investment Partners, said he expects iron ore prices to remain at similar levels, or increase slightly over the next few months. “I can see prices continuing to hold if not increase into the year-end,” Mr Cleary said. “I’m in the more positive camp”. “Over the last eight weeks Chinese policy has been incredibly loose and that’s flowing all the way down to steel mills and their customers,” he added. But the surge in Chinese production is hurting BlueScope, Australia’s largest steel maker. The company’s chief executive, Mark Vassella, told analysts on Thursday that...