Platts 62% Fe IODEX jumped a whopping $10.70/dry mt (or 19%), its largest daily hike ever, to reach $64.20/mt.
Myriad factors were cited as upward drivers of the iron ore market – from pre-construction season restocking, to a flower show in Beijing; to government stimulus (or potential stimulus) after the National People’s Congress, where a gross domestic product target of 6.5-7% was tabled.
One obvious driver of iron ore was the steel market. Steel price gains have been hugely outstripping iron ore of late.
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