Reuters reported that according to Rio Tinto, the price of iron ore will retreat slightly this year from its current high levels, which reached almost $160 per ton last month.
As quoted in the market news:
I think it would be very bullish to expect that the prices will remain where they are through the full year,” added Walsh, the group’s former iron ore boss.
A plunge in iron ore prices to three-year lows below $87 in September marked a turning point for the raw material, which is a big money-spinner for producers such as Rio, Vale and BHP Billiton.
|Get our expert guide to base metals investing FREE! Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.|