| Concern about slowing demand in China has pushed the price of iron ore, a key steelmaking ingredient, to its lowest level in two years. A huge increase in supply from the big three global producers – BHP Billiton, Rio Tinto and Vale which all depend heavily on iron ore for their profitability – has weighed on the raw material this year. The price has fallen by more than 35 per cent.
But the recent sell-off, which has seen the price of benchmark Australian ore fall from almost $100 in early July to $85.70 a tonne on Wednesday, has been driven by fears about China, the world’s biggest consumer of seaborne iron ore...............................................Full Article: Source
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