Australian shares up as iron ore price rises

Image Courtesy www.notanminerals.com 

The image you see is that of Iron ore which is a mineral substance which, when heated in the presence of a reductant, will yield metallic iron (Fe). It almost always consists of iron oxides, the primary forms of which are magnetite (Fe₃O₄) and hematite (Fe₂O₃). Iron ore is the source of primary iron for the world's Shares of this mineral resource according to a BBC Business report were  higher in Australia on Wednesday, boosted by resource-related stocks and after a rise in US stocks. 

 

Sydney's benchmark S&P/ASX 200 closed up 0.5% at 5,141.80, marking its sixth straight day of gains.An increase in the price of iron ore, Australia's biggest export, helped the index, together with a slight rise in the price of oil.Shares in mining giant BHP Billiton rose 3.45%, Rio Tinto closed up 4.2%, while Fortescue Metals gained 2.9%.Shares in Atlas Iron finished the trading day up nearly 6% on news of the firm's plans to restructure its debt.