Iron ore rebounds

After iron ore fetched prices as low as $US85 per tonne earlier this month, the price spiked to $95/t today according to Bloomberg data. The increase may be linked to further construction plans announced by China last week keeping demand strong for the steelmaking commodity. Australian iron ore producer Fortescue Metals Group, which has faced the media spotlight lately with its cut to expansion plans and staff, lost 5% to $A3.37.