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Iron ore gains, ASX at record high

News of an extension to the COVID-19 lockdown in Melbourne, Australia, didn’t dent the ASX, with the benchmark S&P/ASX 200 closing at a fresh record high yesterday of 7,217.80.
Iron ore gains, ASX at record high Iron ore gains, ASX at record high Iron ore gains, ASX at record high Iron ore gains, ASX at record high Iron ore gains, ASX at record high

The S&P/ASX 200 closed at a new high yesterday

Staff reporter

It marks a complete recovery on the index to pre-pandemic levels, exceeding the previous high reached in February 2020.

The iron ore price has continued to strengthen this week.

The MySteel Australian 62% fines rose 2.8% to US$200.50/t, while CommSec cited a 0.2% gain to $209.45/t (CFR Tianjin port).

BHP rose more than 3% in Australia yesterday.

Iron ore major Vale SA gained 1.4% in Brazil, returning towards a multi-year high reached last month.

Elsewhere, Sibanye-Stillwater has risen this week following news of an on-market buyback of up to 5% of its shares.

The South Africa-based company (JSE: SSW) gained a further 0.4% yesterday.

Gold is up slightly to $1,908 an ounce on the spot market, a level last seen in January.

However gold major Newmont closed almost 1% lower in New York yesterday.