Iron ore spot markets ripped higher on Monday, mirroring an equally strong move in Chinese futures earlier in the session.
The price for benchmark 62% fines jumped by 3.74% to $67.43 a tonne, according to Metal Bulletin, the largest one day increase seen since October 25.
Not only did it extend its increase in 2016 to 54.8%, it also marked the second highest closing level since mid-January 2015, second only to April 21 where the price surged by 8.8% to $70.46 a tonne.
From the end of the Golden Week holiday in early October, now a month ago, the price has soared by 20.7%.
IRON ORE US 67.43
PREMIUM US 10.00 Suggesting the market is getting closer to this mark ? US 77.43
US 77.43=AUD $ 100.45 Per Ton
Remembering all goods costs with this project in australian dollars " not bad -getting better " ???
When US interest rates go up ours will come down !!! representing a higher margin ????????
GBG Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
