China's iron ore futures jump above 1,000 yuan mark to hit highest in seven years

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Strong demand from steel plants and growing concerns over tightening supplies amid a worsening relationship between China and Australia have helped send the price of iron ore to a seven-year high.

China's most actively traded iron ore futures contract, for May delivery, on the Dalian Commodity Exchange surged 5 per cent in the night session on Thursday to hit 996.5 yuan per tonne, approaching the 1,000 yuan mark. The contract soared 6.7 per cent in the previous session to close at 971 yuan per tonne, the highest close since iron ore futures . . .

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