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

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.