Iron ore price rises as Chinese steel mills ramp up output

The iron ore price rose on Thursday, as Chinese steel mills boosted production.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $103 a tonne Thursday morning, up 0.3%.

The most traded January iron ore on the Dalian Commodity Exchange rose as much as 2.1% to 721.50 yuan ($105.38) a tonne, its highest since August 17, before retreating to close down 0.2% at 705.50 yuan a tonne.

“Domestic mills in China don’t have much stock. Recently, their profit has come back. Production will rise much more as some big mills have not resumed production too quickly before,” a China-based trader said.