China domestic demand is driving a tandem rise in iron ore and steel pricing. Iron ore prices are at their highest level since April as Chinese steel producers gobble ore to take advantage of high margins and surging summer steel prices.
Although China is ahead of its target for reducing steel capacity this year, Chinese mills are running at near full utilization, using higher quality ore that is more efficient and less polluting.
ALREADY A SMU MEMBER? SIGN IN BELOW:
*Note: If you see your subscription information above, please renew or upgrade your membership to read the full article.