The iron ore price rally continues, although it’s slowing.
The spot price for benchmark 62% grade ore rose by 17 cents, or 0.3%, to $56.21 a tonne according to Metal Bulletin.
The increase left August’s average price at $55.73 a tonne, up on the $52.15 level achieved in July.
While the spot price has risen for five consecutive sessions, the modest increase was well below the 2.91% surge in Dalian iron ore futures on Monday.
Australian iron ore miners outperformed the broader ASX 200 index on Monday, largely on the back of hefty increases in both spot and futures pricing.
We’ll see whether this remains the case in Tuesday trading given the limited move in the spot price overnight.
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