THE recent iron ore price recovery hit a hurdle overnight, with the commodity losing 1 per cent ahead of the wildest trading session seen on Wall Street this year.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US82.20 a tonne, down 1.1 per cent from its previous close of $US83.10.
The commodity has endured a rocky road this year, with rising supply from miners BHP Billiton, Rio Tinto and Vale and worries about Chinese demand ensuring three straight double-digit percentage falls in the first three quarters of the year.
It came to ahead through a worrying September, when prices rose just three times as the commodity lost 12 per cent for the month.
It has since recovered from a five-year low of $US77.50, set on September 30.
Source: The Australian
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