Iron ore prices have topped $100 a tonne again after data showed China’s annual imports of the steel-making metal hit a record high and the country’s trade surplus soared, with futures in Singapore rising more than 4% for a fourth straight day.
Iron ore futures rose 1.6% to $100.35 a tonne in Singapore, while in China, yuan-denominated contracts in Dalian rose, while steel futures in Shanghai rose.
Prices rebounded after a rocky start to the year as traders remained cautious about demand in China and looked ahead to further economic stimulus measures, which Beijing hinted at last week.
Investor sentiment was boosted by customs data showing the world’s biggest consumer of iron ore imported 1.24 billion tonnes last year. Meanwhile, China’s surge in imports has led to a buildup of inventories, which at ports rose to 14.66 million tonnes on Jan. 10, compared with 12 million tonnes in the same period last year. Meanwhile, China’s trade surplus has soared to a record $992 billion in 2024, with annual steel exports hitting 110.7 million tonnes, the highest since 2015. But escalating global trade tensions — including the tariffs looming under President-elect Donald Trump — could see exports fall later this year.