THE price of iron ore has fallen further overnight, slumping to a fresh five-year low.
Benchmark iron ore for immediate delivery to the port of Tianjin in China is currently trading at $US81.90 a tonne, down from its $US82.20 close in the previous session.
The commodity price has fallen more than 40 per cent this year, with only one positive trading day in the past 18 amid jitters over increasing global supply and weakening Chinese demand.
The only silver lining in the iron ore price’s fall has been a slide in the value of the Australian dollar. The local unit is trading at a six-month low of US90.96c, down from US91.61c yesterday.
Source: The Australain
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