Iron ore prices in China hit record highs last seen months ago

摘要

Prices for steelmaking raw materials rose in China in May, with Australian iron ore concentrate (62% Fe) reaching record-high at $96/t CFR. As before, the surge was driven mostly by rising consumption in China amid news about supply restrictions. Port inventories decreased below 110 million t. Such a low level was last registered in late 2016, when China's average steel output amounted to 67 million t per month, by 30% lower than now. In April, China's steel production rose by 6 million to 85.03 million t, unchanged year-on-year. Over the first ten days of May, daily production at China's key steelmakers (CISA members) amounted to 2.05 million t, up 5.4% from end-April.