China’s iron-ore jumped to a fresh record on Tuesday, but the rally fizzled out, as bets continued that there could be a further squeeze in supply of the steelmaking feedstock from Brazil, while domestic demand remained brisk.
Iron-ore inventory at Chinese ports dived to 127.8-million tonnes, as of May 24, the lowest since early 2017, SteelHome consultancy data showed amid limited seaborne arrivals and continued purchases by traders and mills.