The price of iron ore has declined to $63 a tonne for the first time in five and a half years, hit hard by concerns about weak Chinese demand for the steelmaking ingredient.
Benchmark Australian ore for immediate delivery into China fell $2.60 to $63.30 a tonne yesterday, according to the Steel Index. The last time it traded this low was in May 2009.
China is the world’s biggest producer of steel and the biggest consumer of seaborne iron ore, which is crucial for the profitability of large mining groups, including Vale of Brazil, BHP Billiton and Rio Tinto, as well as Japanese trading companies such as Mitsui & Co.
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