The price of iron ore has moved past $US52 a tonne for the first time in almost three weeks as its recovery from a recent 10-year low continues apace.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US52.10 a tonne, up 0.4 per cent from $US51.90 a tonne.
It marks a strong turnaround from the $US44.10 a tonne mark reached just two weeks' ago as a plunge in the Shanghai stock market dampened confidence around the Chinese economy, crucial to the iron ore market as its largest customer.
The recovery has comes as a sense of calm has enveloped Chinese markets after a wild start to the month.
Much of the gains came in a 10 per cent bounce the day after an 11 per cent tumble to the 10-year low, with a steady climb upwards ever since boosted by a 4 per cent jump in the prior session.
At a price of $US52 a tonne most prominent local names can turn a profit, though beyond BHP Billiton, Rio Tinto and Brazil's Vale, all suppliers remain marginal at best.
source: couriermail
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