Iron ore price, page-21531

Morning all,




Brazil’s deadly coronavirus outbreak has disrupted global supplies of iron ore just as demand from China is revving up, pushing the price of the steel ingredient to a seven-month high.Iron ore is one of the most heavily traded commodities and can influence the price of materials used in everything from buildings to cars.Front-month futures for ore with 62 per cent iron content jumped 10 per cent to nearly Yen759 ($US107) a tonne on Wednesday on China’s Dalian Commodity Exchange. That is their highest closing price since October 2019.Prices have risen 20 per cent since early April, driven by squeezed supplies from Brazil, which dominates the iron-ore mining industry along with Australia. The rally is also an indication that China’s economy is gathering momentum, after a downturn at the start of the year when swathes of the country went into lockdown to stop the coronavirus spreading.