Tonogold Resources Inc (TNGL): Iron Ore Prices Touch 6-Week Highs

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Tuesday, 04/28/2015 3:11:22 PM

Tuesday, April 28, 2015 3:11:22 PM

Iron Ore Prices Touch 6-Week Highs - TheStreet.com

http://www.thestreet.com/story/13127448/1/vale-stock-rises-today-as-iron-ore-prices-touch-six-week-highs.html

NEW YORK (TheStreet) -- Shares of Brazilian iron ore miner Vale (VALE - Get Report) rose 3.16% to $8.17 in morning trading Monday after iron ore prices rallied late Friday to six-week highs.

Prices of the steel making ingredient surged 5% at the end of the week to close at $57.81. Iron ore prices rose 13% last week and 23% over the last three weeks, according to the Sydney Morning Herald.

Vale also received a boost last week after BHP Billiton (BHP), the world's largest mining company, announced plans to reduce its expansion, which could ease a global oversupply.

Spot iron ore prices are on track to cross $60/t to hit their highest level sinceMarch as Chinese steelmills replenish inventories,
extending a rally in a commodity that has been hit hard by a global glut, traders said.

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