Iron ore market prices recovered on 1 August , after hitting a one - month low the previous month , following news of Chinese steel inventories falling by 42,400 tonnes to 10.03 million tonnes . Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram. As a result , 62 % fines rose 1.3 % to $ 67.03 a tonne , while 65 % fines fell 1.2 % to $ 93.80 . Iron ore futures ended a three - day downturn , with the August 2019 contract trading at CNY490.5 ( $ 72 ) .
Iron ore market prices recovered on 1 August , after hitting a one - month low the previous month , following news of Chinese steel inventories falling by 42,400 tonnes to 10.03 million tonnes . As a result , 62 % fines rose 1.3 % to $ 67.03 a tonne , while 65 % fines fell 1.2 % to $ 93.80 . Iron ore futures ended a three - day downturn , with the August 2019 contract trading at CNY490.5 ( $ 72 ) .