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MINING.com reported that the price of iron ore jumped to a three-week high on Monday, after Chinese imports of the steelmaking raw ingredient hit new record highs.
MINING.com reported that the price of iron ore jumped to a three-week high on Monday, after Chinese imports of the steelmaking raw ingredient hit new record highs.
As quoted in the market news:
China imported a new all-time high of 74.58 million tonnes of iron ore during last month September, up 8% from August and up a surprisingly robust 15% compared to last year.
China has continued to produce steel at a record pace, upping the rate by 100,000 tonnes in September to 2.14m tonnes per day (and up close to 8% compare to the first 8 months last year), showing demand in the world’s second largest economy is not as slack as many observers believe.