Iron Ore Price Crashes Below $60

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