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Mining Australia reported that the iron ore price continues to drop toward a 10-year low as supply and demand dynamics fall further out of line, causing traders to feel the pressure.
Mining Australia reported that the iron ore price continues to drop toward a 10-year low as supply and demand dynamics fall further out of line, causing traders to feel the pressure.
As quoted in the market news:
Benchmark iron ore set for immediate delivery to the port of Tianjin in China was trading at $US47.40 a tonne at the end of the latest session.
Iron ore commodities have risen only once in the past four weeks when trading at the second-lowest price through the last 10 years, with the sharp fall to $US 44.10 a tonne in July set to be in danger.
Investors are already under pressure with a range of new developments to cope with from the weekend, including weak Chinese trade figures and the fallout from a mining disaster in Brazil.
Chinese imports and exports both fell short of expectations, while iron ore demand was seen slowing as inbound cargoes dipped to 12 per cent in October –coinciding with a recent lift in ore stockpiles, which does not bode well for prices.