China Rebuilds Stockpile Causing Iron Ore Prices to Rise to $153.90 per Tonne

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Spot iron prices are up to an almost 15-month high at $153.90 per tonne. The rally in prices, which started in December 2012, is mainly due to China's rebuilding of its stockpiles as the Asian giant gears to boost its economy, which in turn, could improve steel demand.

Data from the Steel Index said the benchmark iron ore price with 62 per cent iron content went up 0.4 per cent on Monday at $153.90, the highest level since Oct 14, 2011.

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