[Ferro-Alloys.com] Seaborne iron ore prices rose above $80 per tonne cfr on Tuesday November 12 amid advances in the derivatives markets following news on production restrictions in China.

 

China’s steel and iron ore futures spiked on Tuesday morning, with benchmark rebar and hot-rolled coil contracts climbing further in the afternoon while the iron ore contract remained rangebound. The latter ended 2.5% higher than the previous day’s settlement. Some market participants attributed the general strengthening in ferrous futures to expectations of steel production restrictions in the coming winter.(Metal Bulletin)