China Iron Ore Cash Price Reaches 2009 HighBy Jesse...

China Iron Ore Cash Price Reaches 2009 High
By Jesse Riseborough

Dec. 30 (Bloomberg) -- The cash price for iron ore delivered to China, the worlds biggest buyer, rose to the highest this year after India raised taxes on its exports.

The price of 62 percent iron-content ore delivered to Tianjin port increased 2.9 percent to $112.10 a metric ton yesterday, according to e-mailed prices from The Steel Index. The price has more than doubled from its 2009 low on March 27.

India, the worlds third-largest exporter, imposed a 5 percent duty on exports of iron-ore fines and doubled the tax on overseas sales of lump to 10 percent from Dec. 24. The measures are designed to increase the supply of the material to domestic steelmakers.