Australia Shuts Iron Ore Ports on Cyclone Threat

Reuters reported as a cyclone swept closer to Pilbara it has shut its main iron ore terminals.

As quoted in the market news:

Global Miners Rio Tinto and BHP Billiton both have major operations in the area.

Supply concerns because of the cyclone along with recent gains in Chinese steel prices helped spur iron ore prices to the highest in nearly four months on Friday.

Click here to read the full Reuters report.