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Going long: Chinese steel mills chase iron ore contracts

China, the world’s biggest consumer of the steelmaking ingredient, needs higher-quality, less polluting grades of iron ore as it battles to clear its notoriously smoggy skies

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Iron ore prices surged by a fifth on Monday, the biggest gain on record, as Chinese mills scrambled to replenish supplies of the steelmaking ingredient ahead of the summer construction season

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Iron Road's iron ore will never solve all of the problems facing Chinese steel mills but "it will certainly help them," Managing Director Andrew Stocks said by phone from Adelaide

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