Iron ore keeps on surging with both spot and futures markets closing at multi-year highs on Wednesday.
According to Metal Bulletin, the spot price for benchmark 62% fines surged 3.4% to $105.78, leaving it at the highest level since May 7, 2014.
The benchmark has now rallied in each of the past five sessions, gaining 12.1% in the process. From late November last year, it’s surged 65%.
Like the benchmark price, large gains were also seen in lower and higher grade ore on Wednesday.
58% fines jumped 1.6% to $85.70 a tonne while 65% added 2.2% to settle at $119.20 a tonne. Both grades also sit at multi-year highs, having jumped 116% and 47% respectively since the end of November.
Anglo Pacific Group (LON:APF) has a diverse portfolio of assets in low-risk jurisdictions and is the only listed company on the London Stock Exchange focused on royalties connected with the mining of natural resources.