Iron ore prices rose above $140 a tonne, their highest level in five months, as the Chinese steel industry moved to rebuild inventories.
The rally in iron ore, one of China’s most important commodity imports, reflects growing confidence in the country’s industrial sector about the economic outlook. Benchmark Australian iron ore prices, with 62 per cent iron content, have rallied 28 per cent since the middle of June to yesterday’s high of $141.80.
The price of iron ore is crucial to the global economy as it is used to make steel and so feeds through ultimately into the price of everyday goods such as cars and washing machines as well as the cost of construction and infrastructure.
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