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China’s Iron ore futures hit record high on robust demand

China’s benchmark iron ore futures jumped to a record high for the second straight day on Friday, rising along with the rest of the country’s ferrous complex on robust demand.

Steel prices were also higher, buoyed by expectations that downstream demand in the world’s top consumer will remain strong.

The most-traded September 2019 iron ore contract on the Dalian Commodity Exchange rose as much as 5.4  per cent to break through 700 yuan milestone, closing the day at 707 yuan a tonne,  the highest level since the contract was launched in 2010.

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