Reuters reported that although Iron Ore was slated to make gains in price for the first time in eight weeks on Friday, the metal was still below the key level of $100 per tonne. Iron ore prices have declined 30 percent so far this year, and major miner BHP Billiton (NYSE:BHP) was second guessing the speed at which it expanded iron operations this year, according to Reuters.
As quoted in the publication:
Iron ore for immediate delivery to China .IO62-CNI=SI slipped 0.3 percent to $94.30 a tonne on Thursday, based on data from compiler Steel Index. The decline followed a three-day rebound from $91.80 reached last Friday, which was the lowest since September 2012. For the week, the price was up nearly 3 percent.