Iron ore price surges on hopes of increased steel production

The iron ore price extended a rebound from an 18-month low on bets stronger-than-expected steel output cuts so far this year mean China’s steel mills are primed to lift volumes next month.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $99.83 a tonne, up 4.2% from Monday’s closing.