Iron-ore wobbles as investors weigh rising freight costs against falling demand
Iron-ore prices wobbled on Tuesday, as investors weighed rising freight costs due to a widening Iran conflict, which is choking shipments via the crucial Strait of Hormuz, against falling demand amid production restrictions among Chinese steelmakers. An Iranian Revolutionary Guards senior official said on Monday that the strait was closed and that Iran would fire on any ship trying to pass, Iranian media reported, sending oil prices and shipping costs rocketing higher.
Iron-ore prices wobbled on Tuesday, as investors weighed rising freight costs due to a widening Iran conflict, which is choking shipments via the crucial Strait of Hormuz, against falling demand amid production restrictions among Chinese steelmakers. An Iranian Revolutionary Guards senior official said on Monday that the strait was closed and that Iran would fire on any ship trying to pass, Iranian media reported, sending oil prices and shipping costs rocketing higher.
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