Iron ore prices received a major boost Monday hitting its highest level in eight months after upbeat Chinese data showed its construction sector in July grew the most in almost four years.
Ore with 62% content in Qingdao jumped 7.2% to $73.70 a tonne, according to the Metal Bulletin, the highest price since April 11 and the largest one-day percentage gain since December 1, 2016.
From the recent low of $53.36 a tonne hit on June 13, iron ore is now up more than 38%
From the recent low of $53.36 a tonne hit on June 13, the benchmark price is now up more than 38% — an impressive return in a little over a month.
Today’s significant gain coincides with the release of the official sub-index for activity growth in China’s construction sector, which hit to 62.5 in July, the highest level for that measurement since late 2013.
It also comes among tougher and more frequent environmental inspections by Chinese regulators, which have many fearing it could dent steel production.
"Environmental inspections have caused great impact on iron ore prices. Production in some mines, processing plants and mills are being disrupted," an unnamed iron ore trader in Beijing told Reuters. "The whole supply chain has been affected by the inspections."
More to come…
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