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Mining Australia reported that the iron ore price has jumped to a three-week high as shortages of stocks at Chinese ports increased demand.
Mining Australia reported that the iron ore price has jumped to a three-week high as shortages of stocks at Chinese ports increased demand.
As quoted in the market news:
Benchmark iron ore for immediate delivery to the port of Tianjin in China was last trading at US$62.60 a tonne.
Reuters reports stockpiles of iron ore dropped 1.3 million tonnes to 85.4 million tonnes as of May 29, the lowest since December 2013. What will happen next is up for debate, as both bullish and bearish predictions sound about the market. Most analysts expect the price to falter once more, especially after Gina Rinehart’s Roy Hill mine starts production in September.
Some say anywhere in the region of US$40-$50 per tonne is realistic for the second half of this year.
However, the West Australian spoke to AustCham Shanghai chairman Peter Arkell this week who said China was still planning to import millions of tonnes of the commodity.
