After what has been a horrible year, the iron ore price is finding some late form.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 34 cents, or 0.84%, to $40.80 a tonne.
The increase, the fourth in succession and sixth of the past seven, left the price 6.53% above its record low level of $38.30 a tonne struck on December 11. Year-to-date the price has still fallen 42.74%.
Pointing to the possibility that the winning streak may come to an end this evening, Dalian iron ore futures softened overnight with the January and May 2016 contracts – carrying the most open interest – falling 0.15% and 0.16% respectively.
Trade in Dalian will resume at 12pm AEDT.
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