Iron ore scheduled for May 2014 delivery finished the month of November 0.2% higher in active trading on the Dalian Commodity Exchange. Climbing almost 2% for the month, the most traded iron ore was selling at 939 yuan per ton. This would be the largest gain since August, due in large part to the stockpiling of raw material by China’s steel producers.
All of this is good news for Rio Tinto and Vale, leaders in the iron ore mining industry, supplanting any losses they might see from copper sales, where the prices fell by as much as 3% in November. Continue reading