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Iron ore advances as China port stocks hit over 8-month low
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Iron ore price up as China port stocks hit over 8-month low
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The great commodities boom hits a Chinese wall CNN 2 hrs ago By Julia Horowitz, CNN Business © STR/AFP/AFP/Getty Images A worker walks at a steel market in Shenyang in China s northeastern Liaoning province on March 10, 2020. - Consumer inflation in China remained high in February, official data showed on March 10, as the coronavirus epidemic and soaring food prices took a toll on the economy. (Photo by STR / AFP) / China OUT (Photo by STR/AFP via Getty Images)
In recent weeks, investors have poured money into bets on raw materials like steel and iron ore, confident that limits to supply and massive post-pandemic demand would trigger one of the biggest price spikes in decades.
Iron ore price soars amid the ongoing China-Australia trade war
May 10, 2021
Iron ore price is at a record high of $206.20 per tonne as demand from China heightens.
Geopolitical tensions between Australia and China have continued since last year.
Australia is the leading producer of iron ore while China is the largest steel producer.
Iron ore price is at its all-time high after rising by 10% to $206.20 per tonne. The surge is largely due to the high demand from China.
iron ore price
Heightened Chinese demand
The surge in iron ore price is largely due to the heightened demand from China. The Middle Kingdom is one of the countries that have recorded steady recovery from the coronavirus pandemic. In particular, its manufacturing sector has improved significantly. In April, the Caixin manufacturing PMI was at 51.9. Analysts expected a reding of 50.8 compared to the previous month’s 50.6. Figures above 50 are an indication of the sector’s expansion. According to the data, the
Iron ore prices rise on improved China steel margins, supply concerns | Hellenic Shipping News Worldwide
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