That’s how much the spot price for benchmark 62% iron ore fines rose yesterday, a typical move during holiday periods in China.
It now stands at $78.43 a tonne.
Aside from a 60 cent rise in the price of ore with 65% Fe content, the moves elsewhere ranged from negligible to nothing.
Spot markets will likely remain quiet until Lunar New Year celebrations wrap up in China on Thursday, February 22.
The rule of thumb over this period will be if spot markets move, we’ll report on it. If they don’t, we won’t.