Iron ore, the key ingredient in steelmaking, has extended its recent breathtaking rally after China cut interest rates for a third time in six months in a further attempt to shore up its slowing economy.
Benchmark Australian ore for immediate delivery into China rose $2, or 3 per cent, to $62.50 a tonne on Monday, according to a price assessment from The Steel Index. Iron ore has now surged almost 35 per cent since sinking to a six and a half year low of $46.70 in early April.
China is the biggest consumer of seaborne iron ore, purchasing around two-thirds of the world’s supplies. The latest rate cut should lower borrowing costs and ease the pressure on the country’s heavily indebted steelmakers.
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