Iron ore prices perked up on Monday, helped by another sizeable drawdown in Chinese port inventories and firmer steel markets.
According to Metal Bulletin, the spot price for benchmark 62% fines rose 0.5% to $94.05 a tonne, leaving it at the highest level in a week.
Stronger gains were seen across higher grades with 65% fines lifting 1.8% to $109.30 a tonne, leaving it within a whisker of the multi-year high of $109.70 struck earlier in the month.
Lower grades were the relative laggard for the session with 58% fines inching up two cents to $79.64 a tonne.
The gains followed the release of data showing Chinese iron ore port inventories fell heavily again last week.
consultancy reported that inventories slumped by four million tonnes to 136 million tonnes, moving further away from the recent cyclical peak of 148.9 million tonnes set just two weeks ago.
Iron ore prices perked up on Monday, helped by another sizeable...
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