Iron Ore Price to Drop Further in 2015

Mining Weekly reported that Roger Wemslie, principal metals and mining consultant at Wood Mackenzie, has indicated that iron ore will sell in the $70-per-tonne price range this year.

As quoted in the market news:

Emslie, who sketched how iron-ore had last month hit its lowest level since May 2009, outlined how the metal had slumped to $62/t by the end of January, resulting in a $67/t monthly average.

He said that if the price remained in the $60/t range, more asset write-downs were a near certainty and more midtier mine closures likely.

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