The iron ore price is at risk of touching new five-year lows after losing 1 per cent in overnight trade.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US78.80 a tonne, down 1 per cent from its previous close of $US79.60.
The weakness capped a third straight day of losses, with the commodity sinking below $US80 for the first time in a fortnight during the losing streak.
It now hovers just $US1.20 above the five-year low it reached at the end of September as investors continue to fret about the imbalance between surging supply and moderating demand growth.
Source: Business Inspector
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