S&P/ASX 200 slips as iron ore price hits 10-year high

S&P/ASX 200 (INDEXASX:XJO) slipped 0.36% to 7020 points by 1.10 pm even as iron ore prices hit a decade high of more than US$190 per tonne overnight. While the broader market was trading lower, iron ore miners Rio Tinto (ASX:RIO) (+0.19%), BHP Group (ASX:BHP) (+0.62%) and Fortescue Metals (ASX:FMG) (+1.06%) were all higher. Robust demand and concerns over production curbs According to Fastmarkets MB, Benchmark 62% iron fines imported by China were changing hands for US$193.58 a tonne on Tuesday, up 3.93% from Friday trade. The high-grade Brazilian index (65% iron fines) also advanced to a record high of US$226.90 a tonne. Chinese steel futures also closed at record highs, supported by robust demand and concerns over production curbs. Strong demand for steelmaking raw materials ANZ senior commodity strategist Daniel Hynes said: “The rally in steel prices shows no signs of slowing down, with futures hitting new highs in China. “Authorities have pledged to lower output from last year's record levels in a push to curb emissions. “This comes amid strong demand from the construction and manufacturing sectors. “With steel producers concerned that the government may remove stimulus measures as the economy stabilises, they are making the most of the high margins, boosting output. “This is creating strong demand for steelmaking raw materials.” Top gainers Today’s top gainers on the ASX include Astro Resources N.L. (ASX:ARO) (+25.00%), Comet Resources Limited (ASX:CRL) (+11.11%), Great Boulder Resources Ltd (ASX:GBR) (+12.20%), Greenland Minerals Ltd (ASX:GGG) (+8.22%), Queensland Pacific Metals Ltd (ASX:QPM) (+19.05%) and Rimfire Pacific Mining N L (+12.50%). Proactive news headlines: Horizon Minerals updates Boorara gold resource and delivers 34% increase in grade Horizon Minerals Ltd (ASX:HRZ) has received further validation of the golden potential of Boorara Gold Project, 15 kilometres east of Kalgoorlie-Boulder in the Western Australian Goldfields, with an updated independent mineral resource estimate delivering a 34% increase in grade. Cirralto sees cash receipts and customer numbers grow in encouraging March quarter Cirralto Ltd (ASX:CRO) recorded 25% growth in cash receipts and 12.5% growth in customers, its March quarterly report has revealed. MGC Pharmaceuticals’ “historic” March quarter highlighted by LSE listing and record sales MGC Pharmaceuticals Ltd (ASX:MXC) (LON:MXC) (OTCMKTS:MGCLF) (FRA:H5O) has completed arguably its best-ever quarter, with a London Stock Exchange (LSE) listing and record sales highlighting a busy period. Maximus Resources scores Western Australian EIS grant to co-fund Redback gold deposit drilling Maximus Resources Ltd (ASX:MXR) has secured a Western Australian Government Exploration Incentive Scheme (EIS) grant that will co-fund exploration drilling at Redback gold deposit within Maximus’ Spargoville tenements near Kambalda, Western Australia. Buru Energy lifts Ungani Oilfield production and prepares for upcoming drilling program Buru Energy Limited (ASX:BRU) (OTCMKTS:BRNGF) (FRA:BUD) has increased production from the Ungani Oilfield JV onshore in the Canning Basin in the southwest Kimberley region of Western Australia to in excess of 1,000 barrels of oil a day (bopd). Pan Asia Metals well-positioned to advance assets and secure additional ones as it moves into next growth phase Pan Asia Metals Ltd (ASX:PAM) is well-positioned to advance current assets and secure additional ones as it moves into the next growth phase following a successful listing on the Australian Stock Exchange in October 2020. St George Mining identifies more nickel-copper sulphide targets at Mt Alexander Project St George Mining Ltd (ASX:SGQ) (FRA:S0G) has used recent geophysical surveys to identify multiple new nickel-copper sulphide targets at its flagship high-grade Mt Alexander Project in WA's north-eastern Goldfields. Alchemy Resources kicks off phase one RC drilling at Karonie Gold Project Alchemy Resources Ltd (ASX:ALY) (FRA:45A) has begun reverse circulation (RC) drilling on its 100%-owned Karonie Gold Project in Western Australia. Great Southern Mining identifies 21 new gold targets in Duketon Belt with seven ready for drilling Great Southern Mining Ltd (ASX:GSN) has identified and ranked 21 new gold targets after evaluating a newly acquired regional exploration database in the Duketon Belt that include more than 12,000 drill holes and 24,000 soil samples.