The indicative price for iron ore soared above US$126, reaching a new high for the year.
In October, iron ore rose by US$3.35, or 3.8%, and in November the price increased by $3, or 2.4%. This year, the price of iron ore has risen by $9.15, an increase of 7.8%.
As housing demand in China drove up the price of construction steel, rushed work at the end of the year also led to to demand for steel, which led to a new increase in iron ore prices. In addition, concerns about supply disruptions caused by potential strikes in Western Australia are also driving up iron ore prices.
Market participants note that in the short term, steel prices in China remain supported by the market market conditions, and iron ore prices will remain high.
