Business Insider Australia reported that the iron ore price has risen back over $60 per tonne. Specifically, the spot price for benchmark 62 percent fines hit $60.48 on Wednesday, the highest since March 8.
As quoted in the market news:
The spot price has now risen by 11.9% in just three trading sessions, extending the year to date rally to 38.8%.
Chinese iron ore futures on the Dalian Commodity Exchange continued to push higher in overnight trade, rising by 1.31% to 424.5 yuan. If sustained or built upon today, it suggests the epic three-day rally will likely extend into a fourth session when daily spot price data is released later this evening AEST.
Analysts at Metal Bulletin put the continued price surge down to strength in Chinese steel prices.
“In the steel market China’s spot rebar prices rose further on today as billet prices climbed to a year-to-date high,” said Metal Bulletin.