| Iron ore prices slid to their lowest level in more than five years on Wednesday as a supply glut kept battering the market. Iron ore has lost nearly half its value this year, hit hard by a slowing economy in top consumer China. Analysts are ruling out any Chinese restocking that typically supports prices towards the end of each year.
"We no longer expect a meaningful iron ore restock later in the year as steel mills in China are content to purchase iron ore at their convenience, either from the port or from domestic producers, due to its wide availability," Commonwealth Bank of Australia said in a note. "Tighter credit is also forcing many steel mills to adjust to lower inventory levels."...................................Full Article: Source
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