| Spot iron hit a new decade low on Thursday and was seen dropping below $40 a tonne in future, with shrinking steel demand forcing Chinese producers to cut output while there are no signs that top iron ore miners will curb production.
The commodity hit hardest by a slowing Chinese economy, iron ore has lost 43 percent this year, far more than oil and copper, as growing low-cost supply has expanded a global glut. The $10 billion Roy Hill iron ore mine is set to ship its first cargo, marking the start-up of the last of the mining-boom era mega projects in Australia...............................................Full Article: Source
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