Bloomberg reported iron ore is expected to advance in the third quarter as China stockpiles the steel-making ingredient.
As quoted in the market news:
Prices for ore delivered in China may climb to about $120 a ton to $125 a ton, commodities analyst Tom Price said today. On a free-on-board basis, the price may average $115 a ton from $105.60 a ton in the previous three-month period, he said.
The steel-making material delivered to the port of Tianjin rose 1.9 percent to $117.50 adry ton yesterday, up 13 percent this month, according to data compiled by The Steel Index Ltd.