Iron ore rises on high steel price despite weaker fundamentals

摘要

Iron ore price climbed to almost a monthly high on Tuesday, driven by soaring steel price amid tightening production control in Tangshan. However, the supply and demand balance in the raw material market kept weakening. Australian iron ore fines 62% Fe increased by $4.35/t to $170/t CFR, the highest since March 11, according to Metal Expert data. It was supported by continuous surge of steel price amid stricter emission control in Tangshan, though iron ore demand prospects are not bright.