Iron ore prices rose to a three-month high after Chinese steel mills continued to replenish their inventories.
The rise in China’s construction and infrastructure investment activity has led to a rise in steel prices, fuelling a rebound in iron ore, which is a key ingredient for steel production.
Iron ore prices, which have been recovering since hitting a three-year low in September, yesterday rose to $120.50 a tonne for material containing 62 per cent iron, according to Platts, the pricing agency.
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