Iron ore import prices hit four-month high

Prices for iron ore imports into China are at their highest levels in nearly four months, Bloomberg reported. Worries that Chinese steel mills won’t be able to secure more significant cuts in contract prices for ore than Japanese and South Korean mills have helped to push prices up. Spot prices for ore delivered to China rose 11% to US$76.50 a metric ton in the week ending June 5, their highest level since February 20. Mining giant Rio Tinto agreed last month to cut prices of ore delivered to Japanese mills by 33%. China’s steel makers were reportedly seeking cuts of as much as 40% to 50%.