Iron ore taps 4-month peak following temporary closure of Chinese mines
Iron ore prices have hit their highest levels since late July following the shutdown of much of China's mining output in the lead up to the 18th National Congress of the Chinese Communist Party.
The South China Morning Post reports that benchmark iron ore prices edged higher by 0.2% to hit USD$122.30 a tonne in Tuesday trading, tapping the key steel-making ingredient's highest level since July 24.
The PRC has curbed the activities of domestic miners since October, especially by smaller operators, in order to forestall the occurrence of any untoward contingencies just prior to the country's decennial leadership transition.
According to data released by China's National Bureau of Statistics on Tuesday iron ore output slumped a hefty 3.3% month-on-month in October to around 125 million tonnes.
Average daily crude steel output also pulled back in the same month, falling 1.3% month-on-month to 1.906 million tonnes.