Iron ore has bounced off of a low below US$60 per tonne CFR China 62% Fe to close at US$58.40.
While the spot price closed a little higher, the metal is trading close to lows not seen since 2009.
Over the weekend Chinese premier Li Keqiang offered hope of priming the pump if economic growth should ebb in 2015, indicating a possible new round of investment in infrastructure.
Demand from China for iron ore remains strong as witnessed by the majors BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) continuing to sell every spare tonne of iron ore they can produce from the Pilbara.
In turn the massive expansion of these operations has contributed to the supply side drag, rendering it difficult for the iron ore price to recover some of its glory days.
It the futures market is anything to go by the recovery in the iron ore price will be muted as the June 2016 Iron Ore 62% Fe, CFR China futures is trading at US$54.15 a tonne.
Source: proactive investors Australia
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