iron-ore’s rally to a two-month high just prompted Macquarie Group Ltd. to sound the alarm as the bank says gains may be well beyond fundamentals, with abundant supply from miners, inventories stacking up at China’s ports and steel production set to contract. While speculation about stimulus in China has helped to lift prices, Macquarie said it’s skeptical about fundamental support for the recent move higher, analysts including Ian Roper wrote in a report received on Wednesday. The note asked whether iron-ore was “getting carried away again?.”
