Spot iron ore prices jumped 5 per cent as industrial commodities across the board benefited from upbeat sentiment about the global economy.
The price of iron ore, a crucial commodity for the global economy as it is used in steel production, had fallen 36 per cent from its peak in April to the middle of this month, as Chinese steel output slowed and global markets were hit by fears of a double-dip recession.
But analysts and traders reported increased activity in the physical and derivatives markets in recent days. Benchmark spot Australian prices – 62 per cent iron content – have risen 13.4 per cent over the past 10 days to $133.40 a tonne.
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