Iron ore price surges past $US60 per tonne

On the back of BHP deciding to slow its production growth, iron ore has rebounded to over $60 per tonne. SMH reports “In continuing good news for the beleaguered mining sector, iron ore delivered to the Port of Qingdao rose $US2.19, or 3.7 per cent, to $US60.89. The jump consolidated on several days of smaller gains that have seen the commodity recover from a fall to $US56.18 on April 30, ahead of China's May Day holiday break. Iron ore has now gained more than 29% since early April when it was trading as low as $US47.08.” (VIEW LINK)