Iron ore prices are approaching $100 per ton

Chinese demand for steel has surged in recent weeks, pushing the price of iron ore back around US$100 a ton.

This is “wonderful news” for Australian iron ore companies, says Edward Boyd, Sky News’ business correspondent.

“Obviously we have BHP and Rio and Fortescue are the big three here in Australia and the price of iron ore, it’s up about 22 percent in the last three and a half weeks,” he said.

“So it went from about $82 a ton to about $100 a ton, really because China is slowly starting to relax their COVID-zero laws which is driving more demand for steel coming out of the steel plant in China.”

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