Iron ore rose 1.6 per cent overnight, stretching the commodity’s winning streak into a third day.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $U62.10 a tonne, up $US1 from the previous close.
The iron ore price has rebounded significantly from the 10-year lows reached in April, but the bear market has forced many higher cost producers into idling mines.
Shares in Fortescue Metals Group, Australia’s third largest iron ore miner, surged yesterday on the back of the second consecutive positive session for iron ore price and reports that applications had been made to the Australian Foreign Investment Review Board regarding the company.
Source: Business Spectator
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