Iron ore price meltdown

FrieFrench

Junior member
42 0
At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $62.80 a tonne, down 0.8 per cent from its previous close of $63.30 a tonne. The price is now at its weakest point since the middle of 2009. It has now lost 11 per cent of its value since January 1 after suffering a 47 per cent decline in 2014.

The raw material has been in a bear market since March after Rio Tinto Group, BHP Billiton Ltd. and Vale SA spent billions of dollars to boost low-cost output even as China slowed. Goldman Sachs Group Inc. joined global banks on Friday in cutting price forecasts for 2015, predicting a return to a bull market is probably more than a decade away. The love affair between China and iron ore is cooling, the bank said.

Via Iron ore price meltdown
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock