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Iron ore price rose again on Thursday despite recent moves from top consumer China to crack down on the soaring prices.Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were up 1%, changing hands for $210.99 a tonne, according to Fastmarkets MB.Last month, China’s National Development and Reform Commission vowed to severely punish “excessive speculation, price gouging, and other violations” that it said helped lift prices.
The official measures did have some initial success in lowering prices, with spot iron ore retreating from an all-time high of $235.55 a tonne, reached on May 12.
Iron ore has surged through a combination of strong demand from China, which buys about 70% of the global seaborne volume, and constraints in supply, mainly from adverse weather in top shipper Australia and coronavirus-related disruptions in number two shipper Brazil.
China’s steel output hit a record 97.85 million tonnes in April, up 4.1% from March and some 15% higher than the 85.03 million from April 2020.
“As long as demand globally remains strong (including China) and markets are tight, we think it is unlikely China’s authorities will be able to push prices down on a sustained basis,” Bank of America said in a note.
The bank forecasts iron ore will average $172.2 a tonne this year; then $143.8 a tonne in 2022.

The value of iron ore exported from India amounted to nearly 186 billion rupees in finscal year 2020. This export value was significantly higher than the previous financial year's value of about 92 billion rupees.