Iron Ore Opens 2017 With a Bang After Flaying Skeptics Last Year
- Metal Bulletin price climbs 3.9 percent to two-year high
- ‘China requires more imported iron ore,’ says MineLife’s Wendt
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Iron ore has carried last year’s bullish momentum into the start of 2017, with prices rallying to a two-year high amid speculation that China’s demand for overseas ore will hold up even as the world’s largest miners bring on new capacity.
Ore with 62 percent content in Qingdao in China climbed 3.9 percent to $83.65 a dry metric ton, according to Metal Bulletin Ltd. The commodity has risen 6.1 percent in 2017 after surging more than 80 percent last year.