Iron ore is having a strong start to the year, with rising prices and robust imports by China.

A $840-million coking plant in the steel town of Magnitogorsk is being built by a Chinese engineering giant and hundreds of Chinese workers.

Sinohydro Corp and China Railway Group will invest up to $7 billion in infrastructure projects as part of an agreement over their Sicomines copper and cobalt JV in the DRC.

"We think copper is making a bottom. I'd be willing to wager on $9,500/tonne before you go down to $7,500," he said.

Two iron ore cargoes from the world's No.4 supplier were facing unusual customs delays at north China's Caofeidian port.

Revenue declined to $243.7 million from 2.7 million carats sold at an average value of $90 per carat.

Imports surged 62% in 2023 to an unprecedented 474 million tons as the government supplemented record production at home.