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Iron ore prices hit highest mark since May.
Issued at 2010-10-17
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Iron ore prices hit a four-and-a-half-month high after rising for the seventh straight day in China, reflecting strong demand from the country as steel mills restart and boost stocks. While the Steel Index for the 62% iron ore benchmark reached US$ 150.80 a ton, sources at the steelmakers mentioned it is impossible to get the product from the big three miners (BHP, Rio Tinto and Vale) for less than US$ 163. The mining companies have raised prices for the first quarter of 2011 after cutting them by at least 10% per cent in the current quarter following falls in spot prices in the previous three months.
Australia’s Fortescue Metals said shipments in the September quarter were up 8% from a year ago.
Source: Geólogo.com.br
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