Iron ore is closing in on $80 a tonne [IMG] DAVID SCUTT JAN 12,...

Iron ore is closing in on $80 a tonne


DAVID SCUTT
JAN 12, 2018, 7:36 AM

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https://edge.alluremedia.com.au/uploads/*/2018/01/warp-speed.jpgStar Wars Episode IV/ Lucasfilm/Twentieth Century Fox. Source: IMDB
Iron ore spot markets rallied on Thursday, hitting the highest level in close to five months.
However, with futures down heavily in overnight trade, it looks like those moves may be reversed in the session ahead.
According to Metal Bulletin, the price for benchmark 62% fines rose 1% to $79.08 a tonne, leaving it at the highest level since August 22.

It has now rallied 35% from the end of October, in line with a similar move in Chinese steel markets.


https://edge.alluremedia.com.au/uploads/*/2018/01/MBIOI-62-Jan-12-2018.jpg


Like the benchmark, both lower and higher grades also pushed higher during the session.
58% fines rallied 1.4% to $43.30 a tonne, marginally outpacing a 1.1% gain in ore with 65% Fe content which settled at $$$$$$ 94.60 a tonne.