iron ore price at 16-month high $158.90

GBG Re-rating has to be just around the corner!!

The benchmark CFR import price of 62% iron ore fines at China's Tianjin continued to climb on Wednesday, reaching $158.90, the highest since mid-October 2011.

The steelmaking ingredient has been boosted by restocking by Chinese steelmakers – responsible for more than 60% of global consumption – and a draw down of inventory at the country's ports.

Stockpiles of iron ore fell to a 3-year low this week of 66.8 million tonnes, down from highs above 100 million tonnes last year.

http://www.mining.com/iron-ore-price-at-16-month-high-as-stockpiles-drop-to-3-year-lows-46643/