Iron ore price rallies above $US50 per tonne
Iron ore has leapt above $US50 per tonne in a two-day rally that may provide a glimmer of hope for embattled Australian miners.
However, the outlook is still resoundingly gloomy with forecasts from the last week predicting the commodity still has further to fall.
Iron ore delivered to the port of Qingdao jumped $US1.96 to $US50.78 on Tuesday, rallying for the second day. In the past week, the commodity had traded as low as $US47.08.
The sharp fall in the price of iron ore this year, led by efforts from major miners including BHP Billiton and Rio Tinto to pump up production and concerns over China’s economic health, has led to dire predictions of continuing steep declines.