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Iron ore price leaps to highest since 2011 – MINING.COM – MINING.com
Iron ore prices surged again Friday amid trading spikes Chinese steelmakers have called “unreasonable” and “abnormal.”
Iron ore is now trading at the highest level since October 2011 and is up 78% in 2020.
On the Dalian Commodities Exchange, futures prices hit a new all-time high on Friday, shooting up more than 6% to 1,076 yuan. The contract was launched in 2013.
China forges more steel than the rest of the world combined and is set to break records with iron ore imports primarily from Australia and Brazil increasing to above one billion tonnes this year.
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