Iron Ore Rises to Seven-Week High on Fortescue View, China Hopes
- Australian miner’s exports to be at lower end of guidance
- Persistent demand seen in China property market: media
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Iron ore climbed to the highest level in seven weeks as Fortescue Ltd., the fourth-biggest producer, said full-year shipments are likely to be at the lower end of guidance after disruptions hit supplies at mines in Western Australia.
Futures in Singapore rose more than 5% before paring gains. The company said exports were down 6% in its third quarter from a year earlier, due to an ore car derailment and weather woes. The guidance range was unchanged at 192 million to 197 million tons for shipments in the year to June.