The big picture
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Iron ore prices set to fall further as China slowsPublished 7:19 AM, 20 Aug 2012 Last update 7:19 AM, 20 Aug 2012
Australia's major miners face growing pressure as the price for iron ore looks set to fall due to Chinese steel mills lowering their output, according to the Australian Financial Review.
The newspaper said that a sluggish construction market and no additional stimulus was behind the China's lower steel production as the world's second largest economy slows.
China is now on target to record its first decline in annual steel production in 31 years.
Managing partner of research at Beijing-based firm J capital, Tim Murdoch, said that while official data indicated steel production was flat, he estimated it fell by as much as 10 per cent over the first 15 days of August.
BHP Billiton Ltd, Rio Tinto Ltd and Fortescue Metals Ltd will all experience a greater squeeze on their margins in the short term, despite expecting an uptick in the iron ore price in the second half of this year.
The big picture*******Iron ore prices set to fall further as...
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