China’s iron ore prices rose to a record on Monday as concerns over supply intensified as stocks surged in the country’s ports and investors worried about another mine of Brazil’s Vale risk of rupture in Brazil.
Dalian’s most traded iron ore contract touched the daily high limit, gaining 6 percent to 771 yuan (111.86 dollars) per tonne before the market closed. It ended the trading session at 761 yuan, up 4.6%.
This was the highest level for the benchmark contract since the launch of negotiations with the iron ore futures in 2013.
Iron ore inventories at Chinese ports have fallen further to the lowest level since early 2017, according to data compiled by SteelHome.