Iron Ore Surges Above $70 as Chinese Steel Mills Boost Demand
- Price jumps 8.8% to highest since January 2015: Metal Bulletin
- Chinese steel mills boosting demand on bigger profit margin
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Iron ore powered above $70 a metric ton as Chinese steelmakers ramped up production to take advantage of bigger profit margins that have boosted demand.
Ore with 62 percent content delivered to Qingdao climbed 8.8 percent to $70.46 a dry metric ton on Thursday, the highest since January 2015, according to data on Metal Bulletin Ltd.’s website. It was the biggest daily increase since a record 19 percent jump in early March. The steel-making material has rebounded 84 percent since bottoming at $38.30 in December.