A surge in steel consumption as the world emerges from its pandemic-induced slump is set to drive iron-ore to an unprecedented high as the biggest miners struggle to keep up with the frenzied pace of demand. Expectations are building that benchmark prices can get to $200/t -- topping the record $194 hit more than a decade ago -- as Chinese steelmakers ramp up production in defiance of government attempts to rein in output to control the industry’s carbon emissions. That’s tightening an iron-ore market that hadn’t fully recovered from a supply shock more than two years ago.
from Engineering News | Home https://ift.tt/33euju3
