London—Iron ore prices remain supported by record high steel production in China in May, with steel output expected to continue strongly for the balance of the year, according to Commerzbank. China may exceed 1 billion mt of crude steel production in 2020, after hitting 412 million mt in the first five months, the German bank said, responding to latest National Bureau of Statistics data. “The high level of steel production translates into high demand for iron ore, so the iron ore price is well supported at around $100/dmt CFR China,” Commerzbank analysts said in a report June 15.
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