Top-Grade Iron Ore May Spike to $100
- Better-quality material in demand as top user curbs pollution
- Iron Ore Research’s Kirchlechner points to ‘structural shift’
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High-grade iron ore may spike to $100 a metric ton as China intensifies a clampdown on pollution by restraining industrial activity, adding further momentum to a trend that’s reshaped the global market in recent years and driven buyers in Asia’s top economy seek out better-quality material.
After sinking in March, top-quality ore with 65 percent iron content gained every month, hitting $91 a ton on Friday, and keeping it in positive territory this year even as global trade frictions mounted, according to Mysteel.com. In contrast, benchmark 62 percent ore has flat-lined in the $60s, and is down 14 percent. The divergence has exploded the gap between the two.