Iron ore spot markets surged higher on Tuesday, mirroring yet another jaw-dropping rally in Chinese futures earlier in the session.
And it looks like the move isn’t finished yet with futures surging again in overnight trade.
According to The Steel Index, the spot price for benchmark 62% fines jumped by 3.2% to $80.10 a tonne, extending its two day gain to 5.3%.
It was also the first time since December 19 that the benchmark price settled above the $80 a tonne level.
Lower grade ore put in a similarly robust performance with the price for 58% fines up 3.3% at $68.60 a tonne.
AGO Price at posting:
3.3¢ Sentiment: Buy Disclosure: Held
