MANILA - China’s benchmark iron ore futures jumped to a record high in early trade on Thursday, rising along with the rest of the country’s ferrous complex on robust demand for the steelmaking feedstock amid tightening supply.
Steel prices were also higher, buoyed by expectations that downstream demand in the world’s top consumer will remain strong. “It’s because of some seasonal demand, which is quite strong, with some impact from the supply side,” said a Shanghai-based trader. China’s crude steel production rose 12.7% in April from March to its highest monthly level on record, official data showed on Wednesday, bolstered by firm demand and good profitability.
Don’t worry, volume is coming to meet demand Zioc
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