The price of iron ore has held steady in the latest offshore session as investors continue to weigh the supply impact of tragic blasts at a key Chinese port.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US56.20 a tonne, in line with the prior session's close. It remains US20c shy of a one-month high.
A catastrophic explosion in Tianjin has been in the spotlight as traders briefly bet on a supply bottleneck on Thursday.
However, it appears the supply of ore has been largely unaffected, with traders now eyeing the potential for demand interruptions in coming weeks as Beijing orders temporary production halts at steel mills. The move is designed to improve air quality for a major parade and the World Athletics Championships.
Source: Business Spectetor
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