The Chinese economy turned a comer in Q4 2012 driving steel demand and prices in China higher. Alongside iron ore restocking, this has provided a boost in demand for the raw material and has led to a buying frenzy, as availability of ore shrunk through December.The upshot has been a fast rally in prices through the last month, which is continuing on publication of this report. Prices have gained at least 60% from September lows, reaching levels in excess of $140/t for 62% Fe fines, CFR China.
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