Iron ore prices leaped to more than nine-year highs on Friday amid trading spikes and a frenzy for the steelmaking ingredient in China, which the country’s steelmakers have called “unreasonable” and “abnormal.”
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $164.39 a tonne on Friday, up nearly 4% from Thursday’s peg.
Iron ore is now trading at the highest level since October 2011 and is up 78% in 2020.
On the Dalian Commodities Exchange, futures prices hit a new all-time high on Friday, shooting up more than 6% to 1,076 yuan. The contract was launched in 2013.
China forges more steel than the rest of the world combined and is set to break records with iron ore imports – primarily from Australia and Brazil – increasing to above one billion tonnes this year…CLICK for complete article