IRC Posts Loss In Iron Ore Sales

Bloomberg reported IRC Ltd. (HKG:1029) posted a loss in the first half of 2012 as iron ore prices fell.

As quoted in the market news:

The unit of gold minerPetropavlovsk Plc (POG) sold iron ore at an average price of $127 a metric ton in the quarter ended June 30, 15 percent lower than a year earlier, IRC said today in a statement on its unaudited financial results that didn’t give the extent of the loss.

China, which accounted for 90 percent of IRC’s sales last year, cut iron ore imports by 8.7 percent in June from the previous month as a slowing economy reduced demand for the commodity used by steelmakers. Iron ore prices may average $135 a ton in the third quarter and $140 in the final three months of the year, according to Citigroup Inc.

Click here to read the full Bloomberg report.