Steelmaking ingredient iron ore surged further on Thursday, rising to its highest level in 15 months and securing its position as the best performing major commodity of 2016.
Caught between slowing demand from China and relentless supply growth, iron ore was expected to endure another tough year. Instead, it has risen 60 per cent, outpacing gold and oil, due to rising Chinese steel prices and supply cuts.
If sustained, the rebound in prices could add billions of dollars to the bottom line of the world’s largest mining companies. Iron ore is key source of profits for companies such as BHP Billiton, Rio Tinto and Brazil’s Vale.
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