Amid a commodities supercycle underway this year, iron-ore prices are not left behind, as they renew record highs on Monday, surging past $220 in Singapore.
Futures in Singapore jumped more than 10% in a matter of minutes to record all-time highs at $226. The relentless rise in iron-ore prices comes on the back of China’s steel boom.
Chinese steel mills are scurrying for stockpiling Australian high-grade ore in case trade restrictions are imposed, especially in light of China’s suspension of all activities relating to the Sino-Australia Strategic Economic Dialogue last week.
more to come …
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