Iron ore powers above $100 as supply crisis roils global market

Iron ore rallied above $100 a ton, surging to the highest since 2014, as investors bet that a global supply crunch will spur a scramble for cargoes just as China’s mills push out record volumes of steel.

Benchmark spot ore climbed 2.5% to $100.35, according to Mysteel Global. Earlier, most-active futures in Singapore jumped as much as 3.8%, while miners’ shares powered ahead, with Fortescue Metals Group Ltd. hitting the highest since 2008.

Iron ore has staged a stunning rally in 2019 as supply disruptions in Brazil and Australia, the top shippers, spurred forecasts the seaborne market will swing to a deficit.