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Iron Ore Powers Above $100 as Supply Crisis Roils Global Market

  • Miners benefit as iron ore extends this year’s gain to 38%
  • Output loss in Brazil, record China steel output underpin rise
Updated on

Iron ore rallied above $100 a ton, surging to the highest since 2014, as investors bet that a global supply crunch will spur a scramble for cargoes just as China’s mills push out record volumes of steel.

Benchmark spot ore climbed 2.5% to $100.35, according to Mysteel Global. Earlier, most-active futures in Singapore jumped as much as 3.8%, while miners’ shares powered ahead, with Fortescue Metals Group Ltd. hitting the highest since 2008.