Major Chinese steelmakers seek to probe surge in iron ore prices

Friday, 05 July 2019 17:35:07 (GMT+3)   |   Istanbul
       

A group of major Chinese steel companies have come together to investigate whether “non-market factors” are causing a record rise in iron ore prices, according to Reuters.

The steelmakers in question include China Baowu Group, HBIS Group, Jiangsu Shagang Group and Ansteel Group, accounting for 30 percent of the steel output in the country.

Iron ore prices started their rally, following Vale’s iron ore dam collapse in Brazil, in January this year, resulting in a supply shortage. Iron ore prices have reached a five-year high, standing at $127.59-128.46/mt from Brazil to Chinese ports as of Friday, July 5.


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