The iron ore price has pushed back above $US96 a tonne and hit its highest point in more than a month on the back of upbeat manufacturing data out of China this week.
Benchmark iron ore for immediate delivery to the port of Tianjin in China is trading at $US96.5 a tonne, up from $US94.70 in the previous session.
The commodity price is now at its highest point since May 29 when it traded at $US96.80.
The resurgence comes after the iron ore price dropped to as low as $US89 a tonne last month. So far this year it has lost more than 30 per cent.
Earlier this week, China's manufacturing sector showed signs of life in June, with two separate pieces of economic data showing activity rising in the month.
Official data showed activity in China's manufacturing sector expanded in June to its highest point so far in 2014.
Meanwhile, the HSBC China manufacturing purchasing managers' index (PMI) also showed manufacturing at a six-month high.
Source The Australian
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.