2.09pmFortescue hits new high as iron ore prices riseBy Lucy Battersby
https://www.theage.com.au/business/markets/asx-to-open-lower-as-sydney-london-lockdown-oil-and-iron-higher-20201221-p56p5f.html
Shares in Fortescue Metals Group have hit $23.98 as the price of iron ore futures contracts rises. Active contract prices have been as high as $US173.26 per tonne today on the Dalian Commodities Exchange, but were now back down to $US170.21. Prices were at $US149.54 this time last week. According to reports from Mysteel, China's Iron and Steel Association believes the country has achieved its four-year goal of having two steel-making companies with capacity to produce 80 million tonnes per year, and six mills with capacity for 40 million tonnes per year. News that US lawmakers have reached a stimulus agreement will also boost expectations for more infrastructure spending, which would increase demand for steel.
Iron ore price, page-26389
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