Iron ore prices continued to rally on Monday as Chinese imports top one billion tonnes, port stocks fall and the country’s steelmakers – responsible for more than half the world’s crude output – ramp up production.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $146.93 a tonne on Friday, up 1.3% from Friday’s peg.
That was the highest level for the steelmaking raw material since March 2013 and brings gains for 2020 to just shy of 60%.
Prices for 65% fines imported from Brazil now stand at $159.10 per tonne on Monday, with both grades up more than 20% just over the last month.
