Iron ore rose as Chinese demand remained strong ahead of the May Day holidays while near-term supply was constrained. Futures of the steel-making ingredient in Singapore climbed as much as 0.6% to reach $106.40, reversing an earlier drop. Prices on the Dalian Exchange also advanced. “Iron ore demand from molten iron production remains resilient and steel mills maintain low iron ore inventories, wh...
Iron ore rose as Chinese demand remained strong ahead of the May Day holidays while near-term supply was constrained. Futures of the steel-making ingredient in Singapore climbed as much as 0.6% to reach $106.40, reversing an earlier drop. Prices on the Dalian Exchange also advanced. “Iron ore demand from molten iron production remains resilient and steel mills maintain low iron ore inventories, which may drive restocking demand ahead of the May Day holiday,” said Chenxi Gui, head of international research at CITIC Futures Co. The holiday period runs from May 1-5 in China. Arrival volumes have been subdued due to weaker shipments in March, while concerns are lingering that mine output may drop due to a lack of fuel, Gui said. Port stockpiles fell 0.7% to 164.8 million tons for the week ended April 17, the second consecutive drop, according to data from Shanghai Steelhome E-Commerce. Still, gains may be limited, as demand is only marginally better and longer-term market pressures remain in play. Sentiment is also sensitive to volatility around the US-Iran conflict and developments in the dispute between BHP Group and China Mineral Resources Group Co. Major iron ore miners BHP, Rio Tinto Group and Fortescue Ltd will report quarterly operational reviews this week. Singapore iron ore advanced 0.5% to $106.30 a ton as of 1:05 p.m. local time. Shanghai steel futures also gained.
Amazon.com, NasdaqGS:AMZN, has completed its acquisition of satellite operator Globalstar. The deal gives Amazon control of Globalstar’s spectrum rights, satellite fleet, and key commercial agreements. This move expands Amazon’s direct to device satellite connectivity efforts and increases competitive pressure on other space based networks. Amazon.com, NasdaqGS:AMZN, now trades at $250.56 and sits...
Amazon.com, NasdaqGS:AMZN, has completed its acquisition of satellite operator Globalstar. The deal gives Amazon control of Globalstar’s spectrum rights, satellite fleet, and key commercial agreements. This move expands Amazon’s direct to device satellite connectivity efforts and increases competitive pressure on other space based networks. Amazon.com, NasdaqGS:AMZN, now trades at $250.56 and sits on strong multi year gains, with the share price up 49.7% over the past year and 135.9% over...