Cash prices for iron ore delivered to China from India surged 10 percent, the biggest gain in two months, because of increasing demand from the world’s biggest steelmaker and buyer of the raw material.
The spot price for ore from India climbed to $111 a ton, the highest since October last year, according to Metal Bulletin prices for the week ended Aug. 7. That measures the price of material with 63.5 percent iron ore content.
Iron ore from Australia for immediate delivery advanced 9.2 percent to $104.1 a metric ton for the week ended Aug. 7, according to The Steel Index. That’s for ore with 62 percent iron content. Both prices include freight charges.
Source: Bloomberg
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