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Iron ore prices hit a three-month high amid strong demand from China and fears on supply outages. Benchmark iron ore with 62% iron content rose to US$ 179.75 a tonne in London, the highest since mid-May. The rise came a day after bullish comments by Marius Kloppers, chief executive of BHP Billiton, who said rising production costs and financing difficulties were leading to delays at new projects.

Besides, traders are afraid of tight supplies from India, the world’s third-largest exporter, following a clampdown on illegal mining and higher export duties as the country seeks to preserve supplies for its own steel industry.