Iron ore price up as China steel futures hit new highs

MINING.COM Staff Writer | April 23, 2021 | 9:14 am MarketsTop CompaniesChinaLatin AmericaIron Ore

Iron ore price up as steel hits fresh highs in China

Steel futures in China reached new highs as investors weighed the nation’s commitment to lowering production against its strong demand. (Image:junrong / Shutterstock.com)

Iron ore futures advanced on Friday, on course for a fifth straight week of gains, as anti-pollution steel output curbs in China and strengthening global steel demand propelled prices to record highs.

According to Fastmarkets MB, Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $186.25 a tonne on Tuesday, up 1.43% from the previous day.

September iron ore on China’s Dalian Commodity Exchange ended daytime trade 1.2% higher at 1,104.50 yuan ($170.11) a tonne. The most-active contract has risen 4.3% this week.

Iron ore price surged to 10-year high this week after Vale, Rio Tinto and BHP released disappointing output figures.

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