Iron ore has defied the pessimists. The price of the key steelmaking raw material has averaged $136 per tonne this year – the second-highest level on record – as China has imported vast amounts of the commodity.
But with a wave of new supply about to hit the market are the good times about to end?
Prices have already begun to drift lower as new supply from Australia has come on stream and shipments from Brazil have picked up. Benchmark iron ore has slipped from its August high of nearly $143 to $132.
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