| Iron ore prices have fallen to a 2½-month low as Chinese steelmakers resist restocking amid weakening economic data. Spot prices for the benchmark 62 per cent grade of the commodity fell to $144.10 a tonne on Monday, the lowest so far this year and down 9.3 per cent since mid-February, according to The Steel Index, a price reporting agency.
The price of iron ore is critical to the global economy as it feeds through into the price of steel and everyday goods such as cars and washing machines. It is also key to the profitability of three of the world’s largest mining companies: BHP Billiton, Vale and Rio Tinto...............................................Full Article: Source
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