The iron ore spot price is rallying again

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The spot iron ore price continues to rally.

According to data provided by Metal Bulletin’s the spot price for 62% fines rose by $US0.31, or 0.5%, to $US63.33 a tonne on Wednesday.

The gain, the third session in a row that prices have increased, leaves the spot price at the highest level seen since May 11 this year.

Should it manage to move above $US64.02 in the days ahead, it will mark the highest level recorded since mid-February.

While prices are now 35% higher than the multi-year low of $US47.06 struck in early April, year to date the commodity is down by 11.1%.

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