Iron ore price rangebound as EU tariff hike woes counter China’s fiscal stimulus optimism
The EU has decided to increase tariffs on Chinese-built EVs to as much as 45.3%.
Shares of Teck Resources Ltd. have almost tripled this year, making the Canadian company the best-performing global miner amid the rebound in commodity prices and a projected fivefold improvement in earnings.
The price of Teck’s three main products have surged, with metallurgical coal leading and zinc a close second. Until recently, copper had lagged the pack but gains last week have narrowed the gap. Last year, 37 percent of the Vancouver-based miner’s revenue came from met coal, which is used to make steel, 34 percent from zinc and 29 percent from copper.
