Iron Ore in Bear Market

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. 

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