The price of benchmark iron ore for delivery into China has fallen by more than 40 per cent this year as a wave of new supply, mainly from mines in Australia, has hit the market.
However, the supply tsunami is not the only factor weighing on iron ore, which recently hit a five-year low and is now trading at $80 a tonne. Concerns about a slowdown in demand from China, the world’s biggest steelmaker and consumer of seaborne iron ore, have also taken hold.
It is against this backdrop that Glencore sounded out Rio Tinto about a potential merger of the two companies.
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