The spot price of iron ore is being pushed higher in a pincer move of stronger Chinese demand and lower supply from the world’s two biggest exporters of the steel raw material.
The spot price of benchmark 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, rose to $128.80 a tonne on Monday, just shy of the peak so far in 2023 of $129.50 reached on Jan. 30.
The price has gained 5.7% over the past week and is now 63% higher than the 2022 low of $79 a tonne, hit on Oct. 31.
Cadence Minerals plc (LON:KDNC) is an early stage investment and development company within the mineral resource sector and is listed as an investment company on the London Stock Exchange AIM market and the Aquis Stock Exchange, also based in London. Cadence owns 30% of the Amapa iron ore project, with our joint venture partner, Indo Sino Pty Ltd, owning the remaining 70%.