Chinese iron ore futures advanced on the last trading day of 2020 to log a 54% jump this year, their second straight annual gain, supported by supply concerns and China’s robust steel demand despite the coronavirus pandemic-led disruption.

“Impact from the pandemic (on iron ore) was not as pessimistic as market expected,” said Zhuo Guiqiu, analyst with Jinrui Capital. “The big jump came after Vale lowered its shipments expectations and a robust Chinese steel demand in the fourth quarter.”

The most actively traded iron ore futures on the Dalian Commodity Exchange, for May delivery, ended up 2.1% at 996 yuan ($152.45) a tonne on Friday.

The recent surge was beyond market expectations and iron ore prices next year would be decided more by the demand side, Zhuo added.

Dalian iron ore prices soared 23% in the fourth quarter.

Steel futures on the Shanghai Futures Exchange also gained in 2020.

Construction steel rebar ended up 3.3% at 4,388 yuan a tonne, gaining 23% for the year due to the country’s infrastructure push.

Hot rolled coil, used in the manufacturing sector, closed 3.3% higher at 4,554 yuan a tonne. It gained 26.8% this year.