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​The Bloomberg Commodity Spot Index, which tracks prices for 23 raw materials, rose 0.8% Tuesday to its highest since 2011.

The resource, which is used to make steel to build infrastructure, is likely to remain a secure export in the medium-term with limited alternative markets. But it is vulnerable to long-term shifts from climate change policies in China, competition from new mines in Africa and iron ore carriers from Brazil. Oxford economist Stephen Hare said while he expected vibrant global economic growth over the coming years, the magnitude of commodity-demand growth wouldn’t be the same as during the turn of the millennium when China’s rapid urbanisation increased and powered the last economic supercycl...

China lifts ban on scrap metal imports in new iron ore threat Share China has quietly lifted a two-year ban on imports of scrap metal, a shift that fits a long-term strategy to reduce its reliance on Australian iron ore. Some economists say the move is an important factor in Beijing’s plan to reduce its dependence on Australian imports for steel production. Others view the shift as more symbolic, at least to begin with, although it also fits with China’s determination to change the way it makes steel. Australia accounts for 60 per cent of China’s iron ore supply.