Iron ore, which is a key input for blast furnace steelmakers, is at a new high. Iron ore futures in Singapore are up 10 percent.Here’s a look at the underlying triggers.
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- Chinese steel output and apparent demand is up 19 percent YoY in March.
- China's environmental policies for the steel industry supportive of higher grade iron ore.
- World demand conditions, ex-China remain robust. World steel output saw 2.3 percent growth in March and global PMI stands at 10-year high.
- Western and Chinese GDP growth forecasts revised higher.
- Brazil iron ore exports are soft; around 300 mtpa based on a 4-week moving average.
- Australian exports were also soft at the start of April, but have since recovered.