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Iron ore has officially entered bear market territory says Motley Fool, quoting Bloomberg.
Iron ore has officially entered bear market territory says Motley Fool, quoting Bloomberg.
As quoted in the market news:
The price of iron ore has officially entered bear market territory, according to Bloomberg. The commodity has lost 20% of its value since its 16-month high of US$158.90 in February. Overnight, iron ore prices slipped a further 1.1% to US$125 a tonne.
The two main factors in the price drop are fears over China’s slowing economic growth and steel production, and a supply glut caused by major iron ore miners ramping up supply in recent years, Motley Fool said.Â
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