Iron Ore Price Falls Below $50
Investing News Network - April 2nd, 2015
Mining.com reported that the spot price of iron ore fell again on Wednesday for a weekly loss of more than 10%.
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.