Iron ore leaps over US$55

The price of iron ore has strengthened, climbing to more than US$55 per tonne.

For the third straight day the metal has grown on the back of the failure of the US Federal Reserve to increase interest rates, with the likelihood this situation will continue in to 2016.

This inaction by the Reserveis likely to lead to continued upwards movement for the metal as the US dollar weakens.

Iron ore sat at US$55.50 per tonne in the Port of Tianjin, up 1.3 per cent from its earlier spot of US$54.80 per tonne.

 

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