Roller coaster ride of iron .iron back up In Singapore, iron ore futures climbed more than 15%, surging back above $100 a ton from their lowest close in 16 months. Events around Evergrande spooked the market earlier in the week and the steelmaking material was already oversold, said Atilla Widnell, managing director of Navigate Commodities.
Still, analysts warn that China’s steel sector faces prolonged headwinds. The steelmaking ingredient, which was in the vanguard of this year’s commodities boom, has plunged 60% from a record above $230 a ton in May. Curbs on steel output, alongside a property crackdown and concerns about a power shortage, have hammered iron ore demand in China.