Iron ore climbs toward $99 as an Australian mine-port strike and Chinese curbs lift prices

Global iron ore rose a slight 0.15 percent to about $98.7 a tonne on Thursday, July 10. The commodity is down roughly 2.8 percent over the past month.

Iron ore futures rebounded from near one-year lows to above 740 yuan after news that workers at BHP's Port Hedland iron ore terminal in Australia will stage an eight-hour strike on July 16, and as China broadened restrictions on miner Fortescue. The gains came despite Chinese port inventories reaching a record of about 160 million tonnes. Swings in iron ore prices affect the input costs and export competitiveness of Iranian steelmakers.