The Chinese spot price of iron ore has risen by 3.8 per cent to $US70.98 per tonne. This in turn saw the share price of pure-play iron ore producer Fortescue Metals Group rise by 10.7 per cent to $A6.01 on 10 November 2016, its highest level in more than four years. Shares in BHP Billiton and Rio Tinto also rose sharply. Daniel Morgan of UBS says China has been the major driver of the rally in the iron ore price, rather than the US presidential election victory of Donald Trump.
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