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    iron investing

    Iron Ore Price to Drop to $140 on Chinese New Year, Lower Imports

    Investing News Network
    Jan. 29, 2013 10:06PM PST
    Base Metals Investing

    Bloomberg reported that iron ore is set to fall through the end of March, as China celebrates a week-long New Year celebration next month. Mills opting for domestic supplies is also seen as a contributing factor to the price drop, according to Australia & New Zealand Banking Group Ltd.

    Bloomberg reported that iron ore is set to fall through the end of March, as China celebrates a week-long New Year celebration next month. Mills opting for domestic supplies is also seen as a contributing factor to the price drop, according to Australia & New Zealand Banking Group Ltd.

    As quoted in the market news:

    The price may drop to $140 a ton by the end of the first quarter, Mark Pervan, global head of commodity strategy, said in a report today. Iron ore with 62 percent content delivered to the Chinese port of Tianjin was at $148.40 a dry ton yesterday, according to data from The Steel Index Ltd.

    Click here to read the full Bloomberg report.

    iron investingaustraliachinanew zealandthe steel index ltd
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