Iron ore price hurtled on Monday by an impressive 3% touching USD 130 per tonne marking the biggest daily gain in two months, Led by strong anticipation of inventory pile up by steel mills as the recharged industry with strongest PMI of 50.9 in 14 months and equally resounding demand in retail, auto sector and infrastructure led the brigade.
Soaring trader confidence after seeing better economic news made the speculation rife over unparallel escalation in prices till Lunar Holiday.
Iron ore fines
Change on 17th December as compared to 14th December 2012
Source:
http://www.steelguru.com/raw_material_news/Gala_time_in_iron_ore_market_continues/295609.html
