Iron ore prices have jumped more than 12 per cent since the end of China’s Golden Week holiday as traders and steel mills in the country return to the market.
The buying activity marks a shift in attitude among Chinese traders and steelmakers, who triggered a 36 per cent collapse in prices to less than $90 a tonne in just two months by stepping back from the market and running down stocks.
Yesterday, the spot market for benchmark Australian iron ore with 62 per cent iron content rose to $120.25 a tonne – up 12.4 per cent in two days and the highest in nearly three months, according to Platts.
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