ONE of the longest losing streaks for the price of iron ore may have come to an end on Friday last week, but the recent rout does not appear over yet.
Overnight, the commodity fell once again, with the move representing the ninth red day in the last 10.
As a result benchmark iron ore for immediate delivery to the port of Tianjin in China is currently trading at $US87.10 a tonne, down almost one per cent from its $US87.90 closing mark in the previous session and below the year’s previous low point of $US87.30, reached on Thursday last week.
The latest fall sees iron ore mark a fresh two-year trough and pushes it ever closer to its post-crisis low. The benchmark price is now just US40c above a low reached on September 5, 2012 and if it dips under $US86.70 it will be at its lowest ebb since October, 2009.
Falls overnight were driven largely by concerns around the Chinese economy, with manufacturing data yesterday failing to flatter. Such news is unwelcome for investors in the commodity as it further raises fears of soft demand at a time when iron ore heavyweights Rio Tinto, BHP Billiton, Fortescue Metals Group and Vale are raising supply.
The latest fall did not have much impact on the UK-listed shares of BHP and Rio Tinto, however, with stock in both companies largely flat overnight
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.