The Hawsons Iron Ltd (ASX: HIO) share price is on a tear on Monday, up 18.28% in morning trade.
The ASX iron ore stock closed on Friday trading for 9.3 cents per share and is currently changing hands for 11 cents per share.
Here's what driving ASX investor interest today.
Image source: Getty Images
What are ASX investors considering?
The Hawsons Iron share price is rocketing following a non-price sensitive release announcing non-binding Letters of Intent (LOIs).
The LOIs are for the offtake of up to 58 million tonnes per annum (Mtpa) of high-grade Hawsons Supergrade concentrate. The miner said this reflects increasing pressure on the global steel industry to decarbonise production.
The current list of 18 potential off-takers include 12 steel mill operators and six commodity trading houses.
The Hawsons Iron share price may also be getting a lift from the report on demand from mining companies for offtake discussions once a Bankable Feasibility Study (BFS) is complete.
Commenting on the progress, Hawsons' managing director, Bryan Granzien said:
This level of investment interest in the project and robust offtake demand is clearly a strong demonstration that making the transition to producing zero-emission 'Green Steel' is front and centre on the global steel industry's planning horizon and that Australia is a preferred supplier of high-grade magnetite concentrate.
The miner indicated that there's plenty of demand to scale up its Iron Project.
"The LOIs we now have in hand provide additional confidence that there is more than sufficient market demand to support a modular expansion plan to 20 Mtpa," Granzien said.
Hawsons said it couldn't name the interested parties at this time due to commercial-in-confidence considerations.
Hawsons Iron share price snapshot
The Hawsons Iron share price notched up fresh five years highs in April this year but has since retraced. With today's big intraday boost factored in, the ASX iron ore miner is trading right where it was 12 months ago.
The All Ordinaries Index (ASX: XAO) is also flat over the full year.
