Steel prices in the country could be in for some upward movement after iron ore prices in the global market have surged to near 10-year highs.
Mining.com website, quoting Fastmarkets MB, said that benchmark 62 per cent iron ore fines shipped into Northern China were traded at $175.05 a tonne cost and freight on Thursday.
The rates were nearly five per cent higher compared to February 17 trade.
The sharp price spike has been attributed to China’s return to the global market after the lunar new year.
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.