The steelmaking raw material has already enjoyed 7%-plus gains in 2021 after an 80% rise last year and is now trading at levels last seen in September 2011. The benchmark hit an all-time high of $191.70 in February that year.
The high-grade Brazilian index (65% Fe fines) is back near record high at $194.30 a tonne after rising 77% over the past year.
Despite a 45% year on year decline in shipments in December to 96.75 million tonnes, for the full year China imported 1.17 billion tonnes of iron ore, customs data showed on Thursday. That handily beat the previous record of 1.075 billion tonnes set in 2017.
“The jump came as overseas consumption (of iron ore) plunged, while China had strong demand,” Wang Yingwu, chief analyst with Huatai Futures in Beijing told Reuters.
