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Iron ore rebounds, but more drops could be coming

Posted on 05 June 2014

The iron ore price bounced back overnight as Chinese steel mills dipped into the market, but observers are not convinced the bulk commodity has found its bottom. The spot price for iron ore jumped 2.2 per cent to $US94.60, moving further away from a 20-month low hit on Friday. The commodity is still down nearly 30 per cent since the start of the year.
The spot rise came on the back of cargo purchases from Chinese mills, traders said. The purchases remained relatively small due to the oversupply of iron ore in May………………………………………..Full Article: Source


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