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The Sydney Morning Herald reported that the benchmark price for iron ore for immediate delivery to Tianjin, China has slipped to a five-year low of US$83.40 per tonne.
The Sydney Morning Herald reported that the benchmark price for iron ore for immediate delivery to Tianjin, China has slipped to a five-year low of US$83.40 per tonne.
Pushing the base metal down are “worries about China’s property sector” and “a flood of global supply.”
As quoted in the market news:
Analysts believe the iron ore price could fall even further, with Goldman Sachs forecasting an average price of $US80 a tonne next year, while CLSA has warned it will hit $US75 a tonne.
Australia’s most valuable commodity has fallen more than 35 per cent this year. Iron ore-focussed miner Fortescue Metals Group is among those to have sufferted, plumbing a two-year low on Friday at $3.86.
Click here to read the full report from The Sydney Morning Herald.