According to the report, Chinese iron ore spot prices came near to hit a new 5-year high; meanwhile, the futures prices were expected to go up for a third consecutive week.

It was stimulated by the reasons of rising Chinese demand and diminishing supply from abroad. However, the price of rebar soared as a biggest growth weekly since December 2018 despite the decreasing steel price.

Westpac, an Australian bank and financial-services provider, estimated that shortage of iron ore globally would reach 34 million tons in 2019 after Vale’s disaster and tropical cyclone Veronica raided Australia. Westpac also said they had modified the forecasts of iron ore.