Reuters reported spot iron ore prices ticked higher in a slow market on Thursday, with most Chinese steel mills nearly through with restocking.
As quoted in the market news:
Benchmark iron ore with 62 percent iron content rose half a percent to $104.20 a tonne on Wednesday, according to data provider Steel Index.
Chinese markets are shut all of next week for the National Day break.
Iron ore prices fell to three-year lows at below $87 a tonne earlier this month as waning steel demand in China cut appetite for the steelmaking ingredient. Prices have since bounced back to above $100, though they remain 30 percent off this year’s peak as Chinese steel mills curb output.
