The price of iron ore rose as much as 5.7 per cent in China on Monday, briefly climbing above $70 per tonne as commodities traders appeared to shake off recent concerns that steel output cuts would put a long-term damper demand for the key steelmaking ingredient.
Futures contracts for one tonne of iron ore on the Dalian Commodity Exchange touched an intraday high of Rmb464.5 ($70.01) in morning trade, marking a rise of 10.3 per cent from a more than four-month low reached on October 30.
The cost of coking coal, used in steel production, rose as much as 3.9 per cent to Rmb1,174.5 per tonne in Dalian, while on the Shanghai Futures Exchange the price for a tonne of steel rebar was similarly buoyed as much as 3.8 per cent to Rmb3,748.
All of the above commodities had tumbled from recent peaks in late August and early September as Beijing ordered heavily polluting industries operating in smog-prone provinces to reduce output and curb emissions, demanding strict cuts to steel production for the winter heating season from October to March.
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