Iron prices surge 17% since beginning of 2017, after 75% increase in 2016
(Ecofin Agency) - After recording a surprising 75% growth in 2016, prices of iron keep up the trend.
Indeed, on Feb.21, a ton of iron traded at $94 on the Qingdao stock market in China, thus a 17% surge since the beginning of 2017. Its highest level since 2014.
The increase was mainly due to the rise of steel’s price paired with a strong Chinese demand.
The price surge drove many mining firms including Brazilian Vale and British Anglo American, to halt the sales processes for some of their iron deposits.
Vale has even started exploiting a mine in Brazil for a $14 billion investment.