Iron Ore Prices Rise 6.7 Percent

Reuters reported spot iron ore posted its biggest one-day gain on record on Monday and China steel futures rose sharply for a second day, coming up 6.7 percent.

As quoted in the market news:

Offer prices for imported iron ore cargoes in China rose over the weekend and the benchmark rate jumped by $6, or 6.7 percent, to $95 a tonne on Monday, based on data from information provider Steel Index.

This is the biggest rise ever recorded by the Steel Index, which started assessing spot iron ore prices in April 2009.

Click here to read the full Reuters report.