Iron ore, the steelmaking ingredient that is the main source of profits for some of the world’s biggest miners, has hit a record high as Chinese steel mills crank up production to make the most of high margins, while copper also closes in on a new peak.
Iron ore hit $193.85 a tonne on Tuesday, according to a price assessment from S&P Global Platts, surpassing its previous record of $193 set during the 2011 commodity boom. Iron ore has gained 130 per cent in the past year and copper 90 per cent.
“Steel prices are being helped by very strong demand in China and globally as we continue to normalise post-Covid,” said Ben Cleary, a partner at Tribeca Investment Partners, a boutique hedge fund.
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