Markets: Rock solid iron ore

Iron ore is defying predictions of a Q3 slump as China's consumption continues to rise, taking major mining stocks with it.

So much for the iron ore bears. The spot price for iron ore imported through the northeast Chinese city continues to rise. It was up 50 US cents, or 0.4 per cent, to $US132.60 per dry metric tonne on Friday, according to Bloomberg data. That is the third day out of four the Tianjin iron ore spot price has gained. Since its low this year of $US110.40 on May 31, the Tianjin iron ore spot price has increased 20 per cent.

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