Spot iron ore prices hit a fresh 18-month high yesterday as Chinese steelmakers returned to the market after their new year holidays, buying heavily to replenish inventories.
The sustained surge in spot iron ore costs points to a record rise in the annual price contracts being negotiated between global miners Vale, Rio Tinto and BHP Billiton and steelmakers in China, Japan and Europe.
Australian benchmark iron ore – 62 per cent iron content – surged yesterday to $133.1 a tonne, according to swaps cleared at the Singapore Exchange.
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