Iron ore pushes $US118

The price of iron ore rebounded further overnight.

The price of iron ore has extended its rebound overnight, rallying past the price it was trading at before posting its sharpest one-day drop in four years just over a fortnight ago.

Benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US117.60 a tonne, a lift on the $US116.80 price in the previous session.

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