(Bloomberg) -- Iron ore has suddenly gone from commodity laggard to a top performer, with resurgent prices further fanning inflation fears that are rippling across the world.
Futures have climbed 50% in just three weeks, joining gains in aluminum to energy as rising demand, stalled supply lines and climate policy send an index of raw materials to the highest ever. Surging iron ore prices are likely to crimp margins at steel mills, which may be unable to pass on the higher costs to downstream sectors like property and construction that are cooling.
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