The price of iron ore has weakened again overnight as it slides towards predicted lows of $US70 a tonne.
Benchmark iron ore for immediate delivery to The Port of Tianjin in China was $US75.10 a tonne, down 0.6 per cent from its previous close.
This is the commodity’s lowest price since September 2009.
Iron ore has been on a consistent downwards trend this year, after it crashed into double digit territory in May from its historical triple digit highs, the first time it has fallen that low in two years.
It has lost around 45 per cent of its value since the start of the year, and matters are only expected to get worse.
Citigroup thinks iron ore will fetch $US72 a tonne for the first quarter of 2015 and crash to lows of $US60 a tonne in the third quarter before lifting again by the end of the year.
Source: www.miningaustralia.com.au
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