HOPES are continuing to rise that the iron ore price has found a base after the commodity extended its recent rally overnight.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US80 a tonne, up 1.3 per cent from its previous close of $US78.90.
The commodity has not seen red figures for five straight trading days since hitting a new five-year low of $US77.50 a tonne last Tuesday.
There has been optimism in the mining sector that stockpiling in China ahead of winter could reignite the market, but persistent falls in September on oversupply worries had shaken that confidence.
The commodity has seen a record three straight quarters of double-digit percentage declines, but the strong start to October offers the potential for the streak to be broken in the December quarter.
Source: The Australian
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.