Can we see $70t soon .. as Chinese suppliers + stockpiles fall further ??
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The price of iron ore has edged further clear of the $US65 a tonne mark as talk of falls in Chinese stockpiles continues to stir market interest.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at a four-month high of $US65.40 a tonne, up 0.5 per cent from its prior close of $US65.10 a tonne.
Driving the gains was reports of declining stocks at the ports of key customer China, with stockpiles seen at their lowest level since November 2013.
"There's not much cargo being offered by traders at the moment, particularly the mainstream grades being sought by mills," an iron ore trader in Shanghai told Reuters, alluding to highly sought-after high-grades from Australian suppliers.
Also aiding prices was suggestions from Brazilian giant Vale that Chinese suppliers had scaled-back production by more than most have realised.
The comments come just weeks after the world's largest iron ore miner cut several deals in China that will help bankroll its expansion.
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