China Witnesses a Surge in Iron Ore Price

Mining.com reported that a positive outlook for the Chinese economy resulted in a surge in the iron ore price in China, with Northern Chinese import prices registering an increase of nearly 5 percent.

As quoted in the market news,

The 62% Fe benchmark import price including freight and insurance at the port of Tinjian tracked by The SteelIndex added $3.30 or 4.9% to $71.20 a tonne, the highest since November 18.

Iron ore’s resurgence is thanks to stimulus measures announced by the People’s Bank of China over the weekend that is set to free up some $800 billion in funds available for loans at commercial banks.

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