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What Caused Iron Ore’s 20-percent Rally?

The iron ore price jumped a whopping 20 percent on Monday to hit $62.60 per tonne. Writing for Reuters, Andy Home explains what caused the rally, pinning it to the fact that “iron ore is following steel prices, which have also rocketed in China.”

Iron Ore Having Biggest Rally Since 2012

Reuters reported that the iron ore price is enjoying its largest rally in years, with its gains outpacing those of both copper and nickel so far in 2016. However, forward prices are still weak, meaning the metal’s positive run may not last.

Iron Ore Price Hits Record Low

Australian Mining reported that iron ore price has reached its lowest point since the Steel Index began keeping records in November 2008, dropping to $43.40 per tonne.

Iron Ore Price Hits 10-Week High

Iron Ore Price Hits 10-Week High

The iron ore price has been on an impressive run, reaching a 10-week high, as stocks at Chinese ports continue to fall. Meanwhile, iron juniors have reported some successes, namely Aussie miners Atlas Iron, Grange Resources and Iron Road.

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I thought you might find this interesting:
Champion Iron's Bloom Lake Restart Gets Boost from Glencore

URL: https://investingnews.com/daily/resource-investing/base-metals-investing/iron-investing/champion-iron-taking-steps-restart-bloom-lake-mine/