Bloomberg: iron ore prices rose by 19%


NEW YORK, March 8. Iron ore with iron content of 62% rose on Monday by 19% to $63,79 per ton. On Tuesday Bloomberg reported. According to the Agency, it is the largest price hike since 2009. On Tuesday, the price fell 0.2% to $63,63 per ton.

Iron ore prices soared after China forecast a higher demand for ore in the upper segment of the market.

Amid record growth in prices, one of the biggest manufacturers of ore, Brazilian company Vale SA, signed an agreement with Fortescue Metals Group. This transaction could allow the Brazilian company to take over 15% of mines in Australia, owned by billionaire Andrew Forrest.

The acquisition of shares in the company Forrest could cost Vale of $965 million, according to Bloomberg. It will allow the members to create joint ventures and to develop new fields.

First venture of Vale SA and Fortescue may start work in six months and put about 80-100 million tons of ore.