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Wednesday, 15 February 2017

Iron ore has more than regained from frailty after China's central bank suddenly increased interest rates on the 1st day of business, following the Lunar Year holiday. Due to hike in demand for high grade iron ore from Chinese steel mills, iron ore is now trading at a 2 year high.

As per the data published by Australian Financial Review, cash-rich mills in China are buying up high-grade iron ore to scale up production and take advantage of high steel prices.

There have been some major concerns that restocking demand for iron ore would be almost negligible in the wake of the week- long Lunar New Year holiday with Chinese ports having plenty of iron ore stocks, however as per Cliffs Natural Resources the stockpiled material is majorly low-grade, and currently the Chinese mills have an increased appetite for high-grade supplies.

Owing to high coking coal prices and high steel prices, the high-grade iron ore is in demand right now. At the same time Chinese Government is trying to slow down the production of low quality steel. As low-grade steel production is replaced with high-grade steel production there will be an obvious sharp surge in iron ore demand.

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