Spot Iron Ore Testing $140/t

Steel Guru reports, via Reuters, that spot iron ore scaled a two month high as recent gains in Chinese steel prices encouraged producers to pick up cargoes of the raw material, setting it up to test the USD 140 per tonne level last seen in August.

As quoted in the market news:

Ore with 62% iron content for immediate delivery to China’s Tianjin port rose 0.7% to USD 136.80 per tonne the highest since September 5. The price has traded below USD 140 since mid August.

Click here for the full Reuters article