Iron ore prices rose 75 cents, or 1.1%, to $69.17 a ton, according to Bloomberg.
Iron ore prices have been dropping in recent months thanks to slowing demand for steel in China. The rate to ship iron ore on a Capesize vessel to Qingdao, China from Tubarao, Brazil plunged 4.9% to $11.86 a ton on Thursday, the lowest price since Jan. 8, 2009, according to Bloomberg.
Exclusive Report: Jim Cramer’s Best Stocks for 2015
Iron ore delivered to Qingdao dipped to $68.05 a ton on Wednesday, the lowest since June 3, 2009, Bloomberg reported.
Separately, TheStreet Ratings team rates VALE SA as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate VALE SA (VALE) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."