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MMX Rises to 8-Month High as Iron-Ore Prices Rebound: Rio Mover
Feb 27,2012 09:16CST
industry news
Source:SMM
MMX Mineracao & Metalicos SA (MMXM3), the iron-ore producer controlled by Brazilian billionaire Eike Batista, climbed to the highest in more than eight months.

Feb 25, 2012 -- MMX Mineracao & Metalicos SA (MMXM3), the iron-ore producer controlled by Brazilian billionaire Eike Batista, climbed to the highest in more than eight months as prices for the steelmaking ingredient increase.

MMX, based in Rio de Janeiro, gained 4.1 percent to 9.39 reais in Sao Paulo today, the highest since May 31. The stock has climbed about 41 percent this year, the biggest increase in the Brazilian benchmark Bovespa index.

Iron-ore prices rose for a fifth straight day, reaching the highest level in ten days on expectation Chinese measures to stem a decline in economic growth will stoke demand. China, the world’s biggest consumer of the raw material, cut bank’s reserve requirements on Feb. 18 to boost lending.

The price of ore with 62 percent iron content delivered to the Chinese port of Tianjin gained 0.2 percent to $139 a metric ton today, after dropping to a two-month low last week, according to the London-based information provider The Steel Index Ltd.

Vale SA (VALE5), the world’s largest iron-ore producer, rose 0.4 percent to 42.97 reais, the highest since Feb. 13.

 

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