- Seaborne iron ore prices hit a 10-year high this month at $178 per ton before profit taking.
- But following the release of details in China's new Five-Year Plan calling for wide-ranging and ambitious targets to reduce environmental pollution, iron ore prices experienced a sharp sell-off.
- What the Five-Year Plan may well accelerate is the adoption of electric arc furnace (EAF) steelmaking as blast furnace operators switch to scrap consumption to reduce pollution.
For further details see:
Iron Ore Price Reaches 10-Year High But Retraces After 5-Year Plan Details