The rout may be ending for the world’s iron-ore producers.
Benchmark prices for the ore used to make steel have rebounded 13 percent in April and are heading for the biggest monthly gain since 2012. In the previous 12 months, the commodity plunged 56 percent as an expansion of mine supply compounded a global surplus and slowing economic growth in China, the biggest user, hurt demand for metals used in everything from cars and appliances to homes and skyscrapers.
The rally was sparked by signs that higher-cost mines have cut output and an announcement Wednesday by BHP Billiton Ltd. that it will slow the pace of expansion in Australia, the top producer. A price floor may now be forming, according to Australia & New Zealand Banking Group Ltd. and Pacific Investment Management Co. Supplies won’t grow in 2015 as mine closures offset new low-cost mines, CLSA Ltd. said Tuesda
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