Iron Ore Price Drops to Five-year Low

Australian Mining reported that the iron ore price has sunk below US$65 per tonne for the first time since 2009. The metal has now lost 10 percent of its value since January 1, 2015.

As quoted in the market news:

Benchmark iron ore for immediate delivery to the port of Tianjin in China last traded at $US63.30 a tonne, the lowest price since May 2009.

Analysts warn the bottom of the market is yet to be seen, with most predicting the price of iron ore will fall to lows of $US60 a tonne.

At current prices, many iron ore mines are operating at a loss and the casually list is mounting.

Click here to read the full Australian Mining report.