the below article shows a shipment of ore for may delivery at...

the below article shows a shipment of ore for may delivery at $120.30US. The second last paragraph is encouraging for aussie high grade miners. and let's face it, the world economies are picking up and so too construction and thsat can only mean more steel - imo

Reuters reported that spot iron ore prices rose to the highest since February as firmer steel demand encouraged Chinese mills to restock, helping the raw material recover nearly 13% from last month's rout.

China's pledge to speed up spending on railway projects to aid a slowing economy has fueled recent gains in steel prices in the world's biggest consumer of the alloy along with a seasonal pickup in demand.

China's national railway operator will raise its annual investment by CNY 20 billion to CNY 720 billion in 2014 to increase the number of lines it plans to build.

A Shanghai based iron ore trader said that "Mills have more incentive now to sustain their production so they're buying more raw material."

Iron ore for immediate delivery to China .IO62-CNI=SI rose 0.9% to USD 118.20 per tonne the highest since February 25, based on data from compiler Steel Index. The price has risen 12.9% since hitting a 17-month low in early March. That was the fourth day in a row that the benchmark 62% grade price increased and it may stretch to a fifth with some physical cargoes sold at stronger levels on Wednesday.

Traders said that Global miner Rio Tinto Limited sold a 190,000 tonne cargo of 61% grade Australian Pilbara iron ore fines at USD 120.30 per tonne on the globalORE platform for delivery to China in May. That was up from a sale for the same iron ore grade at USD 117.50 per tonne.

According to estimates from the China Iron and Steel Association, China's crude steel output remained well above 2 million tonnes a day on average in late March, even as the rate slipped to 2.073 million tonnes from 2.096 million tonnes in the middle of the month.

The daily pace averaged at 2.097 million tonnes in the first 10 days of March, the highest since mid November. Some Chinese steel mills are looking for high grade cargoes for which spot supply is relatively tight.

The Shanghai trader said that "But I'm still relatively cautious on whether the (benchmark) price can go beyond USD 120 because we're still looking forward to huge supply later this year."