Iron Ore Price Drops to Six Year Low

Australian Mining reported that iron ore prices in China have hit a six-year low level, as China copes with its struggling property market.

As quoted in the market news,

Iron ore for immediate deliver to the port of Tianjin in China is trading at $US52.90 a tonne, down 2.2 per cent from its prior close of $US54.10 a tonne.

The president of the China Metallurgical Industry Planning and Research Institute Li Xinchuang recently said annual steel production in the country had peaked at 823 million tonnes last year and would fall to 567 million tonnes by 2030.

Click here for the full Australian Mining report