Metal ore prices are reaching higher, providing some support for the Australian Dollar, according to Business Insider Australia.
Key quotes
“Iron ore spot markets rallied across the board on Monday, hitting fresh multi-month or multi-year highs in the process.
The price for high grade ore hit the highest level in over a year, helped by looming steel production cuts on environmental grounds that are encouraging mills to seek out higher quality, more efficient ores.
Tangshan, the largest steel production hub in China, will relax industrial output restrictions over winter compared to those of a year earlier, a move deemed to be supportive of iron ore demand at a time when profitability levels at steel mills are elevated.”
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