Iron ore price rise rapidly after Chinese New Year

Chinese new year holiday is drawing to an end. Many steel mills are getting back to work these days. After this grand festival, China's spring is awaiting. As a matter of experience, most construction works will begin in spring and it always stimulates the market then boosts the demands.

Due to the mining accident in Minas Gerais Brazil. The iron ore price in Chinese market has risen to its daily limit, along with other ferrous metals. Citibank predicts that the iron ore price will rise by 40% this year. 
What's more, the steel price rose by 40 US dollar per ton before the Spring Festival, and it rose again by 15-30 US dollar per ton these two days.