Reuters reports that iron ore rose for the first session in four as Chinese steelmakers ramped up production.
Articles Tagged "iron ore prices"
Spot iron ore prices are poised to make gains for a third month, reflecting robust Chinese steel demand, Reuters reported, although more supply could pressure the steelmaking commodity.
Reuters reports that spot iron ore is expected to breach $140 a tonne this week due to brisk steel demand from China.
The Chinese steelmaking sector is improving, which has put upward pressure on iron ore prices.
Spot iron ore prices pulled further away from three month highs reached last week as Chinese steel mills slowed buying of the raw material on expectations of softer steel demand for the rest of the year, Steel Guru reported via Reuters.
Barron's reports that Credit Suisse, a Zurich-based bank, has downgraded the price of iron ore to $103 per tonne for the second half of 2013 and $95 in 2014 on supply concerns.
Iron ore prices rose 2 percent on Tuesday, thus extending a 6-percent rally that began last Thursday, MINING.com reported.
Costly iron ore projects are moving forward despite the metal's lagging price.
The iron ore price surged more than 4 percent on Tuesday, extending gains made on Monday due to better than expected economic news out of China, and a realization that too much destocking has occurred in that country, reported Mining.com.
Iron ore prices dropped to a 7-month low of US$113 per tonne due to weak Chinese steel demand, Business Spectator reported.