Iron ore market rides CVRD wave

IRON ore majors BHP Billiton and Rio Tinto led the charge on the Australian Stock Exchange this morning with iron ore explorers in their wake as Brazilian giant CVRD announced a price hike of 71.5% overnight after finalising negotiations with long term partner, Japanese giant Nippon Steel Corporation.

Iron ore market rides CVRD wave Iron ore market rides CVRD wave Iron ore market rides CVRD wave Iron ore market rides CVRD wave Iron ore market rides CVRD wave

Rio added over 80c while BHPB put on 38c, with both majors expected to conclude their own price negotiations this week.

Iron ore minnows Mount Gibson and Portman both jumped over 5% to 53c and $3.

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