Business
Iron ore price soars to a record high as China’s steel mills run hot – Sydney Morning Herald
The price of iron ore, Australia’s biggest export, has surged to an all-time high as China’s aggressive stimulus programs fuel booming demand.
Iron ore is combined with coking coal in huge blast furnaces, heated at more than 1000 degrees, to churn out liquid steel. China accounts for roughly half of the worlds steel demand, while Australia is the worlds largest iron ore producer and biggest shipper of the commodity to China.
The Commonwealth Banks head of mining and energy commodities, Vivek Dhar, said Chinese steel mills profit margins were tracking at their highest levels since 2018 while steel demand continues to impress on the back…
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