The price of iron ore jumped again on Friday, wiping out Wednesday's record daily drop as confidence returns to equity markets in China and a Grexit appears to have been averted for now.
The benchmark 62% Fe import price including freight and insurance at the Chinese port of Tianjin added $1.60 or 3.3% to $49.90 a tonne according to data provided by The SteelIndex, adding to the biggest one day jump on record achieved on Thursday.
From 2005 onwards signs of ore shortages were everywhere as China's 500 licensed importers chased tonnage on the sidelines of the global trade and buy fines for as much as three times the benchmark contract price, still pegged at less than $40.
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