THE price of iron ore has again plumbed a new five-year low overnight as investors remain concerned about the medium-term outlook for supply and demand.
At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US62.70 a tonne, down 0.2 per cent from its previous close of $US62.80 a tonne. The current price represents a five-and-a-half-year low, with levels below $US63 a tonne last seen in 2009.
The commodity has now fallen for eight consecutive sessions and enjoyed just one positive day in the past 16.
So far this year the commodity has given up 12 per cent, with the losses exacerbating an already challenged iron ore sector given price falls of nearly 50 per cent in 2014.
At current prices most mid-tier and junior miners are seen to be operating in, or near, the red, though heavyweights BHP Billiton and Rio Tinto remain comfortably in the black due to low operating costs.
Little respite is tipped in the coming 12 to 24 months as most analysts now forecast an average price of about $US60 to $US65 a tonne for both 2015 and 2016.
Source: The Australian
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
![Steel Insights](/assets/images/news/coal-insights.jpg)
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
![Steel Insights](/assets/images/news/ICMW_Jan09.gif)
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
![Steel Insights](/assets/images/news/ISMW.gif)
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
![Steel Insights](/assets/images/news/SteelInsights.jpg)
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.