Iron Ore Prices Slide to Five-and-a-half-year Low

Mining Weekly reported that iron ore prices have reached a new five-and-half-year low. The drop has been attributed to the sluggish Chinese economy.

As quoted in the market news:

A deepening iron-ore glut and worries over a sharper economic slowdown in top buyer China will drive the average 2015 price for the steelmaking ingredient to a record low of $68/t, a Reuters poll showed.

China plans to cut its growth target to around 7% this year, its lowest goal in 11 years.

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