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Australian iron mining stocks got a boost on Monday following a strong end to the previous week for commodity prices.
The ASX 300 Metals & Mining Index rose 1.2 per cent with Fortescue Metals Group up 1.7 per cent, Rio Tinto adding 1.6 per cent and BHP Billiton 1.5 per cent higher. The broader S&P/ASX 200 index was flat.
The share price moves among Australia’s iron mining giants followed a positive session for commodities on Friday.
ANZ analysts noted that despite steel futures in China remaining “relatively quiet” and a rise in stockpiles at Chinese ports, the benchmark spot iron ore price – 62 per cent fines, including freight, at Qingdao – had lifted 2.9 per cent and moved above $70 a tonne for the first time in more than two months.