Iron ore prices boom on supply shortages, record Chinese steel output

PLATTS S&P GLOBAL | Over the past few challenging months, iron ore has been the standout commodity, returning to prices of $100/metric ton (delivered to China) in late May for the first time since August 2019.


Demand for the key steelmaking raw material has been extremely resilient this year, supported by strong crude steel production in China, supply shortages and lower iron ore stocks at Chinese ports. China produced a record 92.27 million mt of crude steel in May, up 4.2% on the year, and June has kickedoff strongly, National Bureau of Statistics data shows.


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