Chinese commodity futures rose, iron ore prices on Friday (February 10th) soared after another two and a half new highs, as of the close, the main iron ore rose 6.74% to $712.5 / ton.

Rio Tinto Group, the world's second largest exporter of minerals, said recently that China's economy is still growing strongly, which will stimulate the demand for high quality imported iron ore from Chinese buyers, and therefore do not believe that iron ore prices will fall.

"China, as the world's largest steelmaker, is increasingly interested in high quality raw materials in the pursuit of efficient production and pollution reduction, which will benefit the global exporters," he said." Rio Tinto chief financial officer Chris Lynch (Chris Lynch) said

2016, Rio Tinto's first annual profit growth since 2013, in which the proportion of iron ore in the group's profit soared to 60%, breaking the previous oversupply forecast. Lynch said that high prices led to the profitability of Rio Tinto and other top producers.

"Chinese is a fundamental industry, high efficiency and low pollution to the preference of the industry, in addition, as the focus of development from infrastructure and construction industry towards consumption and services, China economic growth also gradually reduce dependence on commodities. Therefore, China's demand for high-quality imports is good for Rio Tinto and other exporters." Lynch said.

Citigroup said, by the impact of the stimulus Chinese positive iron and steel production and consumption of raw materials, the trading volume of more than two years since the high point, but there will be a major adjustment is expected in the second half of this year, with Australia and Brazil supply increased, raw material prices will decline.

According to the median of 13 analysts compiled by Bloomberg forecast this year, iron ore prices will fall by quarter, is expected in the fourth quarter will fall to $55 / ton.

Liberum Capital Ltd Analyst Richard Knights said last week that the iron ore will fell below $50 a tonne, mainly because in 2017 there will be 90 million tons of additional shipping ore into the market, and Chinese Port Ore holdings have been at an all-time high.

According to the Shanghai steel home data, in 2016, China's iron ore imports have jumped to a record high of about one billion tons, iron ore inventories last week also rose by a record amount of $1.27 to $2.8%.

Lynch also said that although the Chinese future economic growth is quite strong, but the group is no longer limited to China future demand, because President Trump in the United States to increase infrastructure spending, to speed up project approval under the background of iron ore has the potential advantages of rising prices.