Iron Ore Price Slips after Chinese property shock

Mining.com reported that the spot price of iron ore slipped back on the dismal economic news from China, who is the top consumer of iron ore.

As quoted in the market news,

The 62% Fe import price including freight and insurance at the Chinese port of Tianjin lost $0.40 or 0.8% to $49.70 a tonne on Wednesday. Iron ore remains down nearly 30% this year, after a 47% decline over the course of 2014.

Economic growth data released on Wednesday showed first quarter GDP in China, which consumes more than 70% of the world’s seaborne iron ore trade, expanding at the slowest rate since the height of the global financial crisis.

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