Iron ore prices are hitting all-time highs. The futures are trading above USD 190 per tonne. The demand has been strong from steelmakers. The rising margins in China have also supported demand.

"This is a classic bull-market cycle for steel," analysts at J.P. Morgan said in a note. "As the world ex-China emerges from the pandemic and reacts to stimulus measures, demand is recovering at a fast pace."

A Reuters report states that this bodes well for China, which is the world's top exporter of steel materials and steel-based products.

CNBC-TV18’s Manisha Gupta gets more details on the iron ore prices.

Watch the video for more.

(Edited by : Abhishek Jha)