​Iron ore continues its upwards movement

Iron ore lifted again overnight, providing welcome relief to miners as the downturn continues to bite.

The price has risen by close to a dollar overnight, trading at US$62.10 per tonne at the Chinese port of Tianjin, according to The Australian.

This is a jump from the price rise recorded yesterday, after it reached US$61.18 at Chinese ports, and surge forward from the lows of early April, where the price reached US$46.70 per tonne.

The news is even more welcoming on the Metal Bulletin’s iron ore index, which recorded a rise of US$62.76 yesterday.

It is unknown as of yet whether this strengthening of the iron ore price is an outlier or dead cat bounce , or if it is part of the commodity’s return to a more stable plateau price.

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