Spot iron ore prices are fast approaching $100 a tonne, well above the levels at which miners and steelmakers in Japan, South Korea and Europe have struck supply deals, as demand outside China recovers, the FT said. The surge in spot prices has spurred several banks to forecast that benchmark – annually negotiated – prices will rise next year, reversing their previous expectations of a fall in prices.
ft.com/alphaville All times are London time