Iron Ore Drops Below USD $70 Per Ton for First Time in Five Years

The price of iron ore has slipped below USD $70 per ton for the first time in more than five years as a weakening Chinese demand for iron looks set to take hold.

According to the Sydney Morning Herald:

The price of iron ore, measured for immediate delivery at the Qingdao port in China, slipped 1.2 per cent to $US69.58 per tonne, the lowest level since June 2009, according to Metal Bulletin. Iron ore has slumped 11.5 per cent in November and is down more than 49 per cent in the calendar year.

A slowdown in China’s residential property sector, which accounts for 24 per cent of steel consumption in the country, continues to weigh on the raw steel-making ingredient.

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