The position of global mining groups in their annual iron ore negotiations with steelmakers has been strengthened after spot prices reached their highest level of the year yesterday.
Strong demand in China and supply disruptions in India are behind the move higher.
The price surge to $106.9 a tonne – including freight – puts current spot prices more than 47 per cent above the level at which the 2009-10 annual contracts were settled. Spot iron ore prices hit a low of $59.1 a tonne in late March.
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