Slump in Prices Hurting Australian Iron Ore Sector

Mining Weekly reported that the fall in the iron ore price has adversely affected a number of Australian iron ore producers.

As quoted in the market news:

The Australian Office of the Chief Economist noted that the market balance and the low price of iron-ore have been exacerbated by China’s’s domestic ore production, which was proving to be more resilient in the current pricing downturn. However, more of China’s’s production was expected to exit the market, but the Office of the Chief Economist warned that a longer period of even lower iron-ore prices might be required to push the supply out of the market.

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