Iron ore price hits 10-year high on rising steel demand

Iron ore prices continued to climb on Friday despite concerns over environmental restrictions in China.

Tangshan, China’s top steelmaking city, said last month it will punish firms that either have not taken the steps spelled out under its emergency anti-pollution plan or have illegally discharged pollutants, following weeks of heavy smog in northern China.

According to Fastmarkets MB, Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $178.43 a tonne on Friday – the highest level since 2011.