Iron ore spot prices have surged to their highest level in almost four months, according to industry estimates, further undermining Chinese efforts to secure a large cut in the annual price negotiations with global miners.
The rise in spot iron ore prices is significant for the global economy as it filters quickly into steel costs and then into products such as cars or washing machines.
As iron ore trades mostly in the physical market, the rise in prices suggests strong demand, rather than speculative money from investors.
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