Iron Ore Price Rises on Chinese Import Growth

Mining.com reported that the spot price of iron ore rose on Monday after Chinese imports of the steelmaking material continued to grow.

As quoted in the market news,

The 62% Fe import price including freight and insurance at the Chinese port of Tianjin added $1.50 or 3.2% to $48.80 a tonne on Monday, a two week high. Iron ore remains down more than 30% this year, after a 47% decline over the course of 2014.

At the beginning of April the spot iron ore fell to the lowest level since November 2008 when The SteelIndex first started tracking the spot price. In 2008, the benchmark contract price was $60.80 a tonne, which was hiked from the annually-set price in 2007 of $36.63.

Click here for the full Mining.com report