Iron Ore Price Claws Back Up to $120

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.

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