Base Metals

MINING.com reported that the iron ore price plummeted 4.5 percent as prospects for China’s economy and its steelmaking industry became grimmer.

MINING.com reported that the iron ore price plummeted 4.5 percent as prospects for China’s economy and its steelmaking industry became grimmer.

As quoted in the market news:

The 62% Fe benchmark import price including freight and insurance at the port of Tianjin tracked by The SteelIndex lost $2.80 or 4.5% to $59.30 a tonne on Monday.

After almost halving in 2014, the price of iron ore is now down another 20% this year.

On Thursday China’s Premier Li Keqiang told the National People’s Congress downward pressure on the economy was building and set the country’s economic growth target at around 7% the smallest expansion since 1999.

Click here for the full MINING.com report

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