Iron ore gains again as Chinese steel prices surge [IMG] DAVID...

Iron ore gains again as Chinese steel prices surge


DAVID SCUTT
JUL 30, 2018, 7:34 AM

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https://edge.alluremedia.com.au/uploads/*/2017/08/Solar-Eclipse.jpgJared C. Tilton/ Getty Images

• Chinese steel futures surged to multi-year highs on Friday.
• The strength helped to support mid and high iron ore grades during the session, as well as other bulk commodity prices.
• Chinese futures held most of their earlier session gains on Friday evening.

Iron ore prices ripped higher on Friday, finding support from continued strength in Chinese steel prices.
According to Metal Bulletin, the spot price for benchmark 62% fines jumped 1.8% to $67.49 a tonne, leaving it at the highest level since June 18.
From July 5, the benchmark has now added close to 7%.
https://edge.alluremedia.com.au/uploads/*/2018/07/MBIOI-62-July-30-2018.jpg
Higher grades performed even stronger than the benchmark with 65% fines surging 2% to settle at $94.10 a tonne.