Iron ore prices jump high, now above $200 a
tonne
After top steel producer in the world
China hinted that its mills will continue to operate at a quick pace, iron ore prices saw a rise last
week, the highest in more than three weeks. This even as the supply of steel remains curbed.
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Steel prices in China surge to record highs
Backed by a strong demand in the country
and abroad, the prices of rebar and hot-rolled coil in China witnessed an all-time high. China is the
world's biggest steel producer and this increase in price is helping maintain the high level of
profitability being enjoyed by the mill owners in China.
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Indian steel industry equipped to
deal with oxygen diversion
Sources within the industry have said that
the steel production in the country will not be affected even though industrial use oxygen is being
diverted to hospitals for saving lives as a priority. The statement holds relevance in the context of the
COVID-19 pandemic raging in the country and with various integrated steel plants contributing to the
liquid medical oxygen in the country.
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Surge in Indian iron ore
exports; data shows record highs in a month
Data analysis by Braemar ACM data shows
that Indian iron ore exports being transported by sea witnessed a 47% jump in March to reach 6.6mn tonnes.
This is the highest monthly total on record. Of these, cargoes to be delivered to China stands at 5.1mn
tonnes This figure is also the highest in terms of the monthly record. The increases are being witnessed
as China continues to diversify the sources of its raw materials and agricultural products.
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High demand by Chinese steel futures
spikes iron ore prices
Strong demand by China for iron ore has
spiked the prices of the raw material. This is despite the Chinese government announcing production cuts
in the country. Fastmarkets MB that always gives reliable data on commodities revealed that a benchmark of
62% iron ore fines imported to the northern part of China saw trade at $173.63 a tonne - an increase of
1.59% from the last trade.
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Export index for Indian low grade fines
see a new high
Iron ore prices reached a new high as
buying interest for medium grade iron ore fines remained strong amid tight supply. The new high marks a
record boost in nine years for the global index. This has also given a solid boost to the Indian export
index of low grades fines
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