Iron ore prices continued surging on Monday, propelled by recovering global steel demand.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $217.85 a tonne on Monday, up 1.4% from Friday’s closing.
Construction steel rebar on the Shanghai Futures Exchange ended daytime trading 1.4% higher at 5,432 yuan ($839) a tonne after touching 5,532 yuan, its highest level since May 19.
China’s recycled steel imports hit 114,741 million tonnes in May, more than 28 times the volume seen in January when the country lifted import restrictions on ferrous scrap.
“China’s emission and production controls in the steelmaking sector in the second half of 2021 are expected to turn the tide for raw material demand, for the worse,” said S&P Global Platts in a recent note.
