Iron Ore Price Falls Below $50

Mining.com reported that the spot price of iron ore fell again on Wednesday for a weekly loss of more than 10%.

As quoted in the market news,

The steelmaking raw material has declined to the lowest since the inception of the spot pricing system. The 62% Fe import price including freight and insurance at the Chinese port of Tianjin lost $2.00 or 3.9% to $49.00 a tonne on wednesday.

There is little prospects of an upturn.

Australia’s ANZ Bank stated:

Mills and traders remain sidelined as threats of environmental inspections and speculation that as much as 40 percent of steel mill capacity is pegged for closure keeps the outlook negative.

Click here for the full Mining.com report