The Rising Influence of Rising Affluence

[DewDiligence]

Seaborne iron-ore hits 7yr high on China demand:

https://www.wsj.com/articles/chinas-covid-19-comeback-lifts-iron-ore-11606905003

…iron-ore prices are surging again as steelmakers in China keep output high to support the economic recovery there.

Iron ore climbed to $136.75 a metric ton on Wednesday, notching up its strongest price in seven years, according to data from S&P Global Platts. The value of steel’s main ingredient, one of the world’s most-traded commodities, has climbed 16% since the start of November, taking year-to-date gains to 49%.

…Chinese crude steel output totaled 92.2 million tons in October, up 13% on the same month a year earlier.

…China accounted for roughly 58% of all steel produced globally in the first 10 months of the year…