Iron ore prices have surged to near a 1?-year high after India, the world's third largest exporter, slapped an export tax on the commodity used to produce steel.
The imposition of the 5 per cent export duty over Christmas, combined with strong global demand and low domestic production in China, have pushed iron ore prices up almost 30 per cent in the past month, traders and brokers said.
The cost of the benchmark Australian ore – 62 per cent iron content – rose yesterday to $124.80 a tonne, including freight, according to swaps data from the Singapore Exchange. It is the highest level since September 2008.
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