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China's bottomless appetite keeping iron ore prices up

Higher grades now a hot commodity

An iron ore mine of Brazil's Namisa.

TOKYO -- Prices of iron ore remain lofty as Chinese steelworks boost Australian and other imports to meet strong demand for steel.

The benchmark spot price of Australian ore with 62% iron content flirted with $100 a ton recently, standing 60% above where it was last autumn, or the highest in two and a half years. It has come a long way since sinking below $40 in January 2016.

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