Iron ore price up despite high China ferrous scrap imports

Iron ore prices continued surging on Monday, propelled by recovering global steel demand.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $217.85 a tonne on Monday, up 1.4% from Friday’s closing.

Construction steel rebar on the Shanghai Futures Exchange ended daytime trading 1.4% higher at 5,432 yuan ($839) a tonne after touching 5,532 yuan, its highest level since May 19.

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