The iron ore price last night soared to its highest level in almost a year. This in turn has restored confidence in China’s economic growth and provides a much-needed charge for WA’s crenelated mining industry.
The spot price was up just under $US10 to $US63.74 a tonne. A 19 per cent rise described by Metal Bulletin as the biggest since it began tracking the daily value of the steel commodity seven years ago.
This desired recovery had been anticipated earlier yesterday when iron ore futures in Asia soared, followed by the share prices of WA’s miners.
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