Spot Iron Ore Holds Near $120

Reuters reported in the hope steel mills will continue to boost production in China spot iron ore prices held near $120 a tonne.

As quoted in the market news:

Iron ore is up nearly 15 percent in October, its second monthly gain in a row, after a recovery in Chinese steel prices in September encouraged producers to restock on the raw material.

Benchmark iron ore with 62 percent grade iron content was little changed at $119.80 a tonne on Tuesday, according to Steel Index.

Click here to read the full Reuters report.