The spot price for iron ore has risen 24 per cent to start the year and there’s the potential for it to top $US150 a tonne after next week’s Lunar New Year break.
S&P Global Platts said its benchmark spot price rose $US9.15 or 6.6 per cent to $US147.90 a tonne on Friday; it closed 2021 at $US119. Chinese financial markets and most businesses will be closed all next week.
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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
