Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) jumped over 4% so far this Tuesday on rising concerns over a supply crunch, as the big miners seem unable to expand production, with steel output set to remain high in coming months.
The rise in the prices can be also attributed to strengthening Chinese demand for the ferrous metal. China’s iron ore imports rebounded in May from an 18-month low in April, as per the latest data published by the China Customs.
Firmer iron-ore prices could be one of the reasons why the AUD/USD pair has managed to hold the downside at the midpoint of the 0.69 handle. Iron-ore is Australia’s top export product.
AUD/USD Technical Levels to Watch
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