Iron ore spot prices recovered on 24 August, after hitting a one-month low the previous day, following news of Chinese steel inventories falling by 42,400 tonnes to 10.03 million tonnes. The price of iron ore, which is used in steel, rose from $US1.10 per tonne at 0900 GMT, down 0.75 cents or 2.2%, to $1.20 per tonne, while copper Iron ore futures ended a three-day downturn, with the January 2019 contract trading at CNY490.5 ($72).
Iron ore spot prices recovered on 24 August, after hitting a one-month low the previous day, 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 rose 1.2% to $93.80. Iron ore futures ended a three-day downturn, with the January 2019 contract trading at CNY490.5 ($72).