Uptick from China bolsters hope for Iron

Iron Investing News reports iron-ore miners are looking for a price rise.

The miners, which only a month ago were hoping to avoid a decline and keep prices flat, say a recent uptick in demand from China may signal that the market has bottomed out. They also note that spot prices have inched up since late last year. At this point, China is the only country showing increased steel production and continues to be the world’s largest steel producer, consumer and exporter. Last month, China was the only major country to record an increase in steel production, up 2.4 per cent from January 2008.

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