The commodity prices for both steel and iron have continued to rocket to record levels, with iron in particular reaching all-time highs this week. While governments ramp up infrastructure investments and economic activity – a natural driver of demand – heavy emitting mining and steelmaking companies are facing increasing pressure to curb production levels. Until emission-free steel can be produced at scale – possibly the back end of this decade – these prices can be expected to stay. Naturally, with iron ore accounting for 70% of the metallic raw material inputs into global steelmaking – and with the steel industry accounting for 98% of iron ore’s end use – the price of iron ore is closely tied to the demand…