Iron ore miners rally as new China and Brazil data boosts prices
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The news: Iron ore miners were among the best performers on the ASX 200 as an uptick in Chinese steel output pushed benchmark iron ore prices higher.
The numbers: Rio Tinto (+1.6%), Fortescue (+1.4%) and BHP (+0.9%) were all higher at 1:50pm AEST. Materials was the top performing sectoral index, up 0.9% as the ASX 200 added 0.3%.
New data showed that major Chinese steelmakers in early September produced 2.09 million tonnes of crude steel a day, representing a 7.8% jump from the year-earlier period, according to a survey from the China Iron and Steel Association.
Iron ore was trading near its highest intraday level since late February. Futures were up 0.7% to USD106.35 a tonne.
Prices were also supported by new data in Brazil, which showed that the world's second largest iron ore exporter saw a decline in shipments during the first 10 business days in September.
The source: Bloomberg
