Chinese import price for 62% iron content fines at the port of Qinqdao rose 6.7% to $59.38 a tonne, the largest one-day percentage increase since April 21.
Red metal production at the copper-uranium mine is expected to hit around 230,000 tonnes by 2021, but there is potential for up to 450,000 tonnes per year.
Recent upticks in the price of iron ore will turn out to be shortlived, and the price will likely drop from here, according to an analyst whose contrarian view was aired on Business Insider.
The price increase comes as iron ore major Rio Tinto decided to put its Simandou project in Guinea on ice due to the iron ore glut that is keeping a lid on prices.