Iron Ore Price Slowly Begin to Recover Following 11 Percent Crash

Mining Australia reported that iron ore prices have slowly begun to lift, reaching close to US$50 after an 11 percent crash last week.
As quoted in the market news:

Iron ore is trading at $US49.90 a tonne, a 3.2 per cent rise on its previous close. The price jump comes just a week after the commodity hit its lowest price on record of $US44.10 per tonne after crashing 11 per cent in one session.
Since then, iron ore has been on a steady incline as China’s share market stabilised, lifting 6 per cent on Thursday.
“A market that breaks to new lows and stays low is very weak, but to see such a bounce suggests there’s more comfort. So as the dust settles in the equity market, buyers will come back,” Jonathan Barratt, chief investment officer at Ayers Alliance Securities, told CNBC.
Trade figures released today promise to shed more light on the health of China’s economy, while the country’s second quarter GDP figures along with retail sales and production data are due out on Wednesday.

Click here to read the full Mining Australia report.