29.05.2015 - Iron Ore Surges on Declining Stockpiles in China
The price of iron ore rose to its highest level in nearly three months, as declining stockpiles at China’s major ports sparked concerns about a temporary shortage of the raw material. A benchmark price for iron ore, published by The Steel Index, rose to US$62.60 a metric ton on Wednesday, up 0.8% from Tuesday and its highest level since March 2. The price is up 9% from a week earlier. Iron-ore stockpiles in China have been dwindling as steelmakers build up their stores of the raw material, resulting in limited availability for some types of ore, analysts say. Inventories at the country’s port facilities last week declined to 84.9 million tons, from 86.6 million tons the week earlier, according to data provider Mysteel. Port stocks were roughly 100 million tons at the start of 2015.......................................Full Article: Source
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