Iron ore prices rose on Wednesday, as record steel prices in China prompted investors to make tentative bets, despite production cuts in the country’s steelmaking hub that have clouded the demand outlook for the raw material.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $173.63 a tonne, up 1.59% from the previous trade.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange ended the daytime trading session 1.7% higher at 993.50 yuan ($151.94) a tonne.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services.