Iron ore price rallies above $US96
Post Date: 04 Jul 2014 Viewed: 282
The iron ore price has pushed back above $US96 a tonne and hit its highest point in more than a month on the back of upbeat manufacturing data out of China this week.
Benchmark iron ore for immediate delivery to the port of Tianjin in China is trading at $US96.5 a tonne, up from $US94.70 in the previous session.
The commodity price is now at its highest point since May 29 when it traded at $US96.80.
The resurgence comes after the iron ore price dropped to as low as $US89 a tonne last month. So far this year it has lost more than 30 per cent.
Earlier this week, China's manufacturing sector showed signs of life in June, with two separate pieces of economic data showing activity rising in the month.
Official data showed activity in China's manufacturing sector expanded in June to its highest point so far in 2014.
Meanwhile, the HSBC China manufacturing purchasing managers' index (PMI) also showed manufacturing at a six-month high.