SYDNEY—Iron ore is behaving like a boom-time commodity in an economic recession, confounding many investors who had expected prices to buckle as global steel output drops.
The price of iron ore climbed to $121.40 a metric ton on Thursday, achieving its highest level in a year despite the coronavirus pandemic, according to data from S&P Global Platts. As steel’s main ingredient, iron ore is one of the world’s most-traded commodities and can influence prices for materials used in everything from cars to apartment towers.
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