Iron ore hit a new multi-year high in china after its futures jumped to a record level. Market bullishness was supported by strong steel demand, which ensures high consumption of the raw material.
Australian iron ore fines 62% Fe soared by $4/t to $136/t CFR, the highest mark since 2013, when the commodity was testing the level of $150/t CFR. Spot prices followed the futures, which posted almost the same daily increase and reached RMB 934/t ($142.35/t), the highest ever.
The steelmaking ingredient spiked on strong consumption by Chinese steelmakers, who enjoyed high margins, backed by unusually robust demand for finished products.
