Iron ore prices continued to climb on Monday as data revealed record-breaking steel production numbers in China, which forges more steel than the rest of the world combined.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $174.07 per tonne, setting a new near-decade high.
Year-to-date, the steelmaking raw material has enjoyed 8.5% gains after an 80% rise last year. The benchmark hit an all-time high of $191.70 in February 2011.

The high-grade Brazilian index (65% Fe fines) also advanced to a near record high of $195.30 a tonne, after rising about 78% over the past year.

Iron ore’s stellar run was largely due to the rising industrial demand from China. Last year, the country produced a record 1.05 billion tonnes of steel, a breakthrough as it is the first time the 1 billion mark has been exceeded.

Customs data last week showed that China imported 1.17 billion tonnes of iron ore, beating its previous record of 1.075 billion tonnes in 2017 despite a decline in December shipments.