In early July, as uncertainty was brewing about the effects of China's trade war with the U.S. the iron ore price slipped to around $63/t, down from $79/t in February. The latest upward move, back almost to where it was earlier in the year, has taken iron ore miners by surprise, not just because it was unexpected but also because of a subtle change in the type of ore China is buying. What's happening in the Chinese steel industry has investment bankers scratching their heads. The bank said in a research report that said there were three issues responsible for iron ore rising when most other commodities and equity markets were weakening. "The Chinese Machine Is Still Working Very Well"For iron ore miners the unexpected surge in demand from China's steel industry is a bonus.

Source: Forbes October 30, 2018 10:18 UTC