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Chinese Iron Ore Production Rebounds With Boost To Price

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After the global sector for iron ore experienced a downturn years ago, Chinese producers shut numerous mines throughout the country.But industry executives stated those mines may reopen soon after iron ore prices rebounded.Increased activity by Chinese iron ore producers could also help the country's steel mills by cutting the need for raw material imports.A boom in the Chinese steel market also helped push the price of iron ore to its highest price since August 2014.Metal bulletin data from last month shows that a ton of iron ore is priced at $94.86.If the price stays above $80 a ton, a head of a mining company in China expects nearly half of the shuttered mines to restart production.http://feeds.reuters.com/~r/reuters/t...http://www.wochit.comThis video was produced by YT Wochit Business using http://wochit.com

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