Iron-ore surged past $100/t as supply woes in Brazil coincide with sustained, robust demand in top steel producer China.
Benchmark spot prices climbed to $101.05 on Friday as Brazil, the world’s second-largest exporter, saw a surge in coronavirus infections, stoking worries that the pandemic may curb local supply.
In April, miner Vale cut its annual shipment guidance on bad weather and the virus’s impact on operations. Meanwhile, port stockpiles of iron-ore in China have continued to decline.