The iron ore market looks to be firming up once again with prices continuing to head north on renewed strong demand from China.
The past few months have seen a softening in the market with the iron ore price falling below $117 per tonne in late October, marking a 22-month low.
On Wednesday November 16 the price hit its highest point since October 19 at $147.20 per tonne.
The stronger price appears to be the result of a restocking of Chinese steel mills after the spot price plummeted.
However, iron ore prices are still a way off where they were earlier in the year when they hit the $200 per tonne mark.
BC Iron (ASX: BCI) is expecting continued volatility over the next few years, but overall it is confident of a healthy iron ore market for the sale of its product.
“The price of iron ore has softened in the last few months, however in the last week or so it has been good to see the spot price tracking upwards,” chairman Tony Kiernan said.
“We will get the ups and downs of iron ore pricing in the next three to four years, but in general terms we would expect a healthy market for the sale of our product.”