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.