The spike in iron ore prices reversed course on Monday after China’s state-backed buyer eased restrictions on one of BHP’s flagship products, adding to the volatility in commodity markets, which have already been rocked by the escalating Middle East conflict.
Iron ore futures soared 6 per cent to $US109 a tonne last week in the biggest gain in over a year after China Mineral Resources Group asked steel mills to avoid Newman fines, a popular BHP iron ore.
