Iron ore prices bounce back

Washed and graded iron ore. Photo by Peter Craven, Wikimedia Commons.

Following several days of losses, iron ore spot markets grew slightly on Tuesday.

The Metal Bulletin reports that the price for benchmark 62% fines jumped 3 per cent to $64.95 a tonne. Over the past seven sessions, iron ore had fallen 12.6 per cent.

On both ends of the spectrum, ore with 65% Fe content rose 2.5 per cent to $89.50 a tonne while 58% fines added a smaller 0.8 per cent, settling at $39.30 a tonne.

Spot markets rose after China’s steel futures edge up during the session, with the most-traded construction steel futures contract on the Shanghai Futures Exchange closing up 0.87 per cent at 3,614 yuan per tonne.

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