Nothing says “downturn” in China quite like the freefall in prices of iron ore, the key steelmaking ingredient, writes Leslie Hook.
Prices for the TSI benchmark 62 per cent Fe iron ore stood at $94.80 per tonne on Tuesday, down 19 per cent in the past four weeks. “Watching this market is like watching the Titanic,” wrote commodity broker London Dry Bulk in a research note.
The skydive in iron ore prices is putting to the test a long-held popular theory: that the global price of iron ore has a natural floor around the marginal cost of Chinese domestic ore production – which most analysts put at roughly $120 per tonne.
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