Spot iron ore prices are fast approaching $100 a tonne, well above the levels at which miners and steelmakers in Japan, South Korea and Europe have struck supply deals, as demand outside China recovers.
The surge in spot prices has spurred several banks to forecast that benchmark – annually negotiated – prices will rise next year, reversing their previous expectations of a fall in prices. “The market is going up, up and up,” said one London-based iron ore broker.
Spot ore prices in China rose this week to $93 a tonne – including freight – and industry observers said the market could hit a year high above $100 a tonne in the near term. The surge is a remarkable rebound from April's low of $58 a tonne.
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