Chinese iron ore futures clip record high
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China’s seemingly insatiable demand for steel has pushed iron ore futures traded on the mainland to record levels, as steel producers make the most of attractive margins, even as environmental restrictions on the industry are tightened.
Iron ore futures on the Dalian Commodity Exchange for September delivery rose 4.1 per cent to 1142 yuan ($226) a tonne in early trade on Monday, a record high.
The spot market price of the bulk commodity rose 1.4 per cent to $US186.25 a tonne on Friday, according to Fastmarkets MB. Last week, it hit a 10-year high of $US189.61, just shy of the $US191.70 record high it hit in February 2011 for 62 per cent grade ore.