Iron ore prices shot up to their highest levels in seven months, and Vale SA (NYSE:VALE), Rio Tinto Group (NYSE:RTP) and BHP Billiton Ltd (NYSE:BHP) are hoping it's a pattern that will continue, being the three largest suppliers of iron ore in the world.
The increase is being attributed to China buying up iron ore again, with the thinking being that drew from their stockpiles while hoping for prices to drop.
That can't be confirmed yet though, and it remains to be seen if they're really back in the market or traders drove the iron ore prices up.
Spot price for iron ore increased to $133.40 a metric ton, a gain of 5 percent.
China, the largest producer of steel in the world, acquires the iron ore for steel production.
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