Iron ore prices keep on grinding higher. According to Metal Bulletin, the spot price for benchmark 62% fines rose 0.7% to $66.03 a tonne on Wednesday, leaving it at the highest level since June 19.
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Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel—98% of the mined iron ore is used to make steel. Indeed, it has been argued that iron ore is "more integral to the global economy than any other commodity, except perhaps oil".
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