Iranian iron ore price surpasses $60

Business Materials 3 May 2016 20:26

Tehran, Iran, May 3
By Mehdi Sepahvand - Trend:

The Iranian iron ore continued to go up in price over the past week to surpass $60.
The price of the Iranian iron ore was registered at $60.97 at Metal Bulletin at the end of the last week, IRNA news agency reported May 3.

The price was standing at $27.57 a week earlier.

2015 was a bad year for the iron ore market, seeing the global average drop to $40. At its worse, the Iranian iron ore price went as low as $35.

The global average price was at $70 over the past few weeks.
The businessmen active in the market believe the rise in the price is temporary, citing a large oversupply as the reason.