10.09.2014 - Iron ore price at new five-year low
The price of iron ore has again failed to find support in overnight trade, slipping further away from the $US85 a tonne mark. Benchmark iron ore for immediate delivery to the port of Tianjin in China is currently trading at $US83.20 a tonne, down half a per cent from its $US83.60 closing mark in the previous session. The current price represents its lowest level since September 23, 2009 on the back of falls in the order of 40 per cent this year. The commodity has barely paused for breath during a remarkable retreat over the past two-and-a-half weeks, with just one positive trading session in the last 16 as investors fret about surging supply from majors BHP Billiton, Rio Tinto and Vale at a time when Chinese demand is showing signs of fatigue...............................................Full Article: Source
Print