Low Iron Ore Output Raises Prices

Reuters reported BHP Billiton (ASX:BHP), Vale (SAO:VALE5) and Rio Tinto (ASX:RIO) all saw a sharp decrease in quarterly iron ore production which raised prices on the metal.

As quoted in the market news:

The falls in output come as competition heats up in global bulk commodities markets due to demand from China for imported industrial raw materials finally showing signs of waning after years of double-digit growth.

At $149.20 a metric tonne, iron ore .IO62-CNI=SI prices are 22 percent below last year’s highs.

Click here to read the full Reuters report.