Iron ore price back above $170 as China steel hits record

Iron ore prices rose on Tuesday, boosted by strong Chinese demand.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $170.90 a tonne, up 1.43% from the previous trade.

China’s steel prices also jumped to record highs, on concerns over supply curbs in the world’s biggest producer and exporter of construction and manufacturing material.