02.12.2015 - Iron ore to trade with a $US30 handle: ANZ
Iron ore could soon be trading with a $US30 ($42) handle as collapsing steel demand in China pushes the commodity to record low prices. Ore with 62 per cent iron content delivered to Qingdao dropped 3.4 per cent to $US42.97 a tonne on Monday, the lowest level in daily data dating back to May 2008. Indeed, it was the lowest since 2005, based on annual pricing that preceded the current spot-based system, Reuters reported. A slowdown in China's manufacturing sector has hit oversupplied commodity markets hard. On Tuesday, official data showed China's factory activity slipped to its weakest level in more than three years...............................................Full Article: Source
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