Rio Tinto Expects Iron Ore Prices to Slightly Retreat

Reuters reported that according to Rio Tinto, the price of iron ore will retreat slightly this year from its current high levels, which reached almost $160 per ton last month.

As quoted in the market news:

I think it would be very bullish to expect that the prices will remain where they are through the full year,” added Walsh, the group’s former iron ore boss.

A plunge in iron ore prices to three-year lows below $87 in September marked a turning point for the raw material, which is a big money-spinner for producers such as Rio, Vale and BHP Billiton.

Click here to read the full Reuters report.