Iron ore has broken a run of three straight red sessions, climbing overnight amid concerns about a supply bottleneck.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US56.20 a tonne, up 0.7 per cent from $US55.60 a tonne in the prior session. The move leaves it just US20c shy of a one-month high.
The gain was driven by news of a catastrophic explosion in Tianjin, with traders making bets the disaster could upset supply into China, the world's largest iron ore consumer.
Miner BHP Billiton said on Thursday that shipments to the port had been impacted, though iron ore prices failed to rise as much as was hinted by futures markets as steel mills suggested the disruption would be marginal.
As it stands the market appears to be waiting for a catalyst to send the commodity's price one way or the other after a fortnight of stability around the $US55 a tonne mark.
The stability has come in the face of severe volatility on other commodity markets as investors fret about the strength of the Chinese economy.
http://www.theaustralian.com.au/bus...r-one-month-high/story-e6frg90f-1227482935732
Iron Ore Price, page-1524
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