By bloomberg Iron ore rallied above $100 a ton, surging to the highest since 2014, as investors bet that a global supply crunch will spur a scramble for cargoes just as China's mills push out record volumes of steel. Benchmark spot ore climbed 2.5% to $100.35, according to Mysteel Global. Earlier, most-active futures in Singapore jumped as much as 3.8%, while miners' shares powered ahead, with Fortescue Metals Group Ltd. hitting the highest since 2008. Iron ore has staged a stunning rally in 2019 as supply disruptions in Brazil and Australia, the top shippers, spurred forecasts the seaborne market will swing to a deficit. At the same time, mainland mills have been producing record quantities of steel, underpinning expectations for strong import demand. That means, while other materials such as copper have been harmed by concerns the U.S.-China trade war will hurt demand, iron ore has vaulted higher.