Iron price jumps as Chinese imports continue at record pace

Iron ore prices surged on Monday as Chinese steelmakers continue to demand cargoes at a record-breaking pace amid a building boom in the world’s second-largest economy.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $121.75 a tonne on Monday, a 3.4% jump from Friday’s closing, and up 32% since the start of the year.

For the first 10 months of 2020, iron ore imports shipment now total 975.2 million tonnes, rising 11.2% over the same period last year.

At the current pace, 2020 full year total would handily beat last year’s 1.069 billion tonnes, which was just below 2017’s record 1.075 billion tonnes.