The spot price of benchmark 62% iron ore delivered to North China, as assessed by price reporting agency Argus, has since retreated back below $160 a tonne.īut the price has been above $150 for almost two months, which is a strong performance considering that the steel-making ingredient held below $100 for the five years between May 2014 and May 2019. LAUNCESTON, Australia, Feb 1 (Reuters) - China’s vast steel sector, and the iron ore industry feeding it, is grappling with a seemingly contradictory policy impulse that it should produce less this year, even as demand remains strong amid post-pandemic stimulus spending.Ĭhina produced a record 1.05 billion tonnes of steel in 2020, helping to drive spot iron ore prices to a one-year peak of $175.40 a tonne on Dec.
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