Iron ore hit a six-year low on oversupply and a slowdown in China's property sector. The price of iron ore, for immediate delivery at the port of Qingdao in China, dropped 4 per cent on Friday, the biggest drop since late January, to $US53.14 per tonne, according to Metal Bulletin – the lowest level since the daily pricing index began in 2009.
Since its 2014 high of $US135.27 per tonne, the price of the steel making ingredient has dropped more than 60 per cent. Since its record high of $US191.70 per tonne it was fallen more than 70 per cent...............................................Full Article: Source
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