Business Bulletin
Iron ore prices surged again on Wednesday.
The price for 62% and 65% fines closed at the highest level since early 2017.
58% fines jumped to five-year highs.
Dalian iron ore futures also closed at the highest level on record.
It briefly traded limit up on Wednesday, meaning the only thing preventing further gains was that market rules didn’t permit it.
The benchmark price for 62% fines surged by 3.5% to $93.08 a tonne, according to Metal Bulletin.
It now sits at the highest level since February 22, 2017, having rallied 45% from late November last year.
58% and 65% fines also surged higher, settling at $76.56 and $104.80 a tonne respectively, up 2% and 2.3% from Tuesday.
As seen in the chart below, 58% fines has rallied significantly harder than mid and higher grades since late last year, helped by supply disruptions in Brazil and Australia — the world’s largest iron ore seaborne exporters — along with less onerous environmental restrictions governing industrial output in northern China.
58% fines has rallied 93% since late November, and now sits at levels not seen since May 2014.
Dalian iron ore futures also closed at the highest level on record.
It briefly traded limit up on Wednesday, meaning the only thing
Business Bulletin Iron ore prices surged again on Wednesday.The...
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