| The iron ore price has dropped to a whisker above the $US55 a tonne threshold as one credit ratings agency offered a bearish view of the commodity’s short and long-term outlook. Iron ore fell 1.6 per cent to $US55.20 a tonne in the most recent session, according to The Steel Index, from $US56.10 the previous day.
In London trade on Friday, BHP Billiton fell 0.5 per cent, while Rio Tinto lost 2.3 per cent. The move comes as Fitch Ratings estimated an average price for the commodity of $US45 per tonne both in 2016 and over the long term, a forecast offered in a report affirming Australia’s rating as AAA with a stable outlook............................................Full Article: Source
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