Iron ore has jumped nearly 13 percent since March. Iron ore spot prices climbed to their highest level since February on stronger demand for steel. Chinese enterprises have actively begun to replenish stocks, helping to restore raw material prices.
China's desire to increase spending on rail projects amid a slowing economy has prompted a recent rise in steel prices along with a pick-up in seasonal demand. The most actively traded rebar is on the Shanghai Futures Exchange. Rebar used to reinforce concrete in buildings has recovered more than 8 percent from a record low last month.
Iron ore for immediate delivery to China rose 0.9 percent on Tuesday to $ 118.20 a tonne, the highest since February 25. Prices are up 12.9 percent since a 17-month low in early March. For the fourth day in a row, the price has been increasing and may continue to rise.
Global miner Rio Tinto sold 190,000 tonnes at $ 120.30 a tonne for delivery to China in May, traders say. Steel production in China remains well above 2 million tonnes per day.
The daily rate of global steel production reached its highest level since mid-November. Therefore, the price of iron ore can go beyond $ 120 per ton. While current market conditions remain relatively balanced, supply growth will soon outpace global demand, preventing a sustained increase in the price of iron ore.
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