The price of iron ore has risen for a second day on hopes of a lift in Chinese demand to boost its low stockpiles.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US57.10 a tonne, up 0.5 per cent from $US56.80 a tonne in the prior session.
The positive session comes amid speculation of strong demand from China, with some reports suggesting buying pressure was crimping the availability of ships to deliver the commodity from Brazil, the world’s second largest supplier.
“There’s a misunderstanding among investors that China isn’t buying iron ore: it is,” Jeffrey Landsberg, the managing director of Commodore Research in New York, told Bloomberg.
“China is still buying every single tonne that global miners want to sell.”
Source: The Australian
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