Iron Ore Falls to 5-Month Low

MINING.com reported that the price of iron ore slumped to a 5-month low Friday, despite data showing Chinese imports of the steelmaking raw material hit a new record in 2013.

As quoted in the market news:

The benchmark CFR import price of 62% iron ore fines at China’s Tianjin fell to $130.70 a tonne on Friday, a level last seen at the early August and down more than 3% since the start of the year according to data supplied by The Steel Index.

China’s imports of iron ore in December fell back to 73.4 million tonnes from November’s record-setting pace of 77.8 million tonnes, but for 2013 as a whole imports hit an all-time high of 820 million tonnes.

Read the full post by MINING.com