Miners cash in on iron ore boom

Moneyweek.com reported that Miners cash in on iron ore boom:

The spot price has more than doubled to over $130 per tonne as the global economy has recovered. China continues to add steel capacity and “even the steel market in Europe has picked up”, say Patrick Flockhart of Steel Business Briefing. Last year the miners set a price of $60 per ton with Japan; now there is talk of a 60%-80% hike in benchmark prices – quite a boost, given that iron ore comprises half of Rio’s operating profits.

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