Iron ore peaks at 10 months

Iron ore surged to a 10-month high amid the possibility that restrictions on the supply of rolled steel from China could extend beyond winter, fueling demand for higher quality material and could lead to high quality ore reaching $ 100 per tonne ...

The spot price for 62 percent ore rose 1.1 percent to $ 79.65 a tonne on Monday, the highest since April 6. The rally was preceded by a rally in futures, with the SGX AsiaClear contract rising 1.5 percent to $ 79.15, as well as an April high. Better Brazilian ore with 65% iron in China is holding steady at $ 95.25 after gains in the previous three sessions.

Iron ore investors are monitoring China's bid to tackle pollution and cut output this winter, which is driving higher prices for high-quality ores that are more efficient and help miners including the Rio Tinto Group and Vale SA. While those restrictions are ending in mid-March, on Friday after officials in Tangshan City, a key steel hub, said they hope to extend the restrictions until November. This means that the factories of the world's largest supplier can produce less steel as demand picks up steam.