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    iron investing

    Iron Ore Price Claws Back Up to $120

    Investing News Network
    Jul. 03, 2013 09:48AM PST
    Base Metals Investing

    The price of iron ore made a jump of 2 percent on Tuesday, closing in on around $120 a tonne, MINING.com reported.

    The price of iron ore made a jump of 2 percent on Tuesday, closing in on around $120 a tonne, MINING.com reported.

    As quoted in the market news:

     

    The benchmark import price of 62% iron ore fines at China’s Tianjin port climbed $2.40 to trade at $119.40 a tonne according to data supplied by The Steelindex.

    $120 a tonne has become something of a rule of thumb among iron ore producers – when prices stay below this level for long enough high cost mines, particularly those in China, become unprofitable leading to cuts in supply.

    Click here for the full post on MINING.com

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