With iron ore prices skyrocketing the Chinese companies now might be circling our Mt Bevan iron projects as well with our large magnetite deposits so watch out Gina you are not alone!!!

Monsters of Rock: China’s back in business and iron ore prices are climbing

Josh Chiat 3 hrs ago

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© * Australia China iron ore steel

China’s steel industry has returned from Lunar New Year festivities with a bang, with soaring iron ore prices leading to big gains in the ASX’s materials sector.

Iron ore prices hit US$149.40/t on Monday with further gains in the futures market today signalling bright fortunes in the days ahead.

The most traded Dalian iron ore contract for May was up 2.21% to US$130.49/t today, while Singapore futures for March were 1.53% higher at US$149.70/t.

Iron ore has not been in such positive territory since early September.

According to MySteel, China’s steel output was down in late January at 2.5Mt per day after rising continuously for a month, in line with the general Chinese New Year slowdown, but it expects steel prices to rise this month coming out of the public holiday.