Iron ore hits a multi-month high [IMG] DAVID SCUTT MAY 15, 2018...

Iron ore hits a multi-month high


DAVID SCUTT
MAY 15, 2018

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https://edge.alluremedia.com.au/uploads/*/2017/05/Letterbox-mountain-climb.jpgJonathan Griffith / Barcroft Med / Getty Images

• Iron ore spot markets surged to fresh multi-month highs on Monday, helped by improved confidence about the demand outlook in China.
• Chinese iron ore port inventories fell last week as steel mill demand improved.
• Chinese iron ore and rebar futures rose in overnight trade, pointing to early strength in spot markets today.

Iron ore spot markets surged to fresh multi-month highs on Monday, helped by improved confidence about the demand outlook in China.
According to Metal Bulletin, the price for benchmark 62% fines jumped 2.3% to $68.93 a tonne, extending its rally over the past three sessions to 3.7%.
It now sits at the highest level since March 16, a two-month high.
https://edge.alluremedia.com.au/uploads/*/2018/05/MBIOI-62-May-15-2018.jpg
Both lower and higher grades rallied on Monday, albeit by a lesser margin.
58% fines added 1.6%, settling at $40.70 a tonne. 65% fines was the relative underachiever, rising only 1.3% to $87.20 a tonne. From this you would assume that the 66% grade that Karara produces is now achieving approximately $$$ 92.7 USD


WITH THE AUSTRALIAN DOLLAR SITTING AT AROUND 75 CENTS NOW KARARA YOU WOULD EXPECT TO BE RECIEVING CLOSE TO $$ 125 AUD PER TONNE

AND ORE PRICES WILL POSSIBLY MOVE HIGHER AGAIN TODAY ????????