Iron ore continues to rise in value

Iron ore hit its highest price level in four months as steel prices rose again.

The spot price for ore with a content of 62% iron rose 1.6% to $ 76.68 per tonne, leaving it at highs that have not been observed since April 6 this year.

Ore with 65% iron content increased by 2.7% to $ 95.50 per tonne, and from 58% - by 1.9% to $ 51.05 per tonne.

The gain was fueled by further gains in Chinese steel markets as rebar futures hit a new four-year high on Thursday.

However, recently, not all analysts believe that fundamentals have led to higher steel prices. The China Metals Association (CISA) said the recent surge in rebar futures was driven by "speculative" behavior and not "driven by market trends or reduced market supply."

CISA said some traders are "misinterpreting" the impact of China's environmental policy in the second half of 2017, using it as an excuse to raise prices for their own benefit.

Last week, the Chinese government called on steelmakers in four northern provinces, including the Hebei steel center, to cut production in half from late November to late February in an effort to improve air quality.

The futures contract for January 2018 on the Shanghai Futures Exchange has risen 50% since the beginning of June.