he price of iron ore has drifted back to $US55 a tonne in offshore trade amid signs of softness in the Chinese economy.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US55.00 a tonne, down 0.5 per cent from $US55.30 a tonne in the prior session.
The commodity remains 25 per cent clear of its recent 10-year low, with volatility over the past week seen ramping up as the bulls and bears fight for supremacy.
On one side of the coin there's optimism stemming from reports of a recent slowdown in Australian exports, though this is likely to be short-lived. There is also data showing falling stockpiles in China, which may force buying in the back half of the year.
Iron Ore Price, page-1116
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