Iron Ore Price Surge Unprecedented as China Buoys Market: Chart

Iron Ore Surges a Record 19% in One Day

The price of iron ore delivered to China surged 19 percent on Monday, the most in daily data going back to 2009, after Chinese policy makers showed a willingness to prop up the economy. At $63.74 a dry metric ton, it’s at the highest since June. That’s a boon for suppliers like Cliffs Natural Resources Inc. and Vale SA. Chinese steel mills are the biggest consumers of iron ore, one of the most common elements found in the Earth’s crust.

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