Another price increase for iron ore is believed to have helped drive the Australian stockmarket higher on 8th June 2010.
The world’s second and third largest iron ore miners, Rio Tinto and BHP Billiton, have flagged an increase of up to 23 per cent with Japanese steel mills.
That will put the price at around $US147 a tonne for this quarter.
This time last year, when the benchmark pricing system was still in place, iron ore dropped as low as $US60 a tonne.
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