"The spot price of iron ore extended its recent gains on Friday, with the steelmaking material enjoying its best week since 2012.
The 62% Fe import price including freight and insurance at the Chinese port of Tianjin added $3.20 or 5.9% to $57.00 a tonne on Friday, the highest since mid-March and a 12% gain for the week according to data provided by The SteelIndex.
The advance in the Metal Bulletin's benchmark 62%-index at the ports of Qingdao-Rizhao-Lianyungang in China for the week came to 13.5% or $6.88 to $57.81 a tonne. According to Metal Bulletin it's the largest percentage gain since September 2012 when prices were bouncing back from the then long term low of just over $88 a tonne.
MetalBulletin's 58% Fe index performed even better jumping 14% in the week and trading above $50 a tonne for the first time in more than six week.
The iron ore price has now recovered more than 20% since hitting record lows at the beginning of April."
Exactly, extended settlement. Someone already bought them on a t-20 etc, then rolled them over and kept the trade going. Nothing to get excited over. The licence in the next month or so is though fingers crossed.
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