Iron ore price up on supply concerns in China

The iron ore price advanced on Wednesday, buoyed by supply concerns.

Some border cities in China’s Inner Mongolia region and Heilongjiang province have halted non-container imports by rail for commodities including coal, iron ore, copper ore and zinc to reduce risks amid a recent resurgence of covid-19 infections.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $104.49 a tonne, up 1.9% from Tuesday’s closing.