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Iron ore price falls below $US90 a tonne
THE iron ore price has continued its retreat overnight, falling to a fresh two-month low on persistent worries that growing supplies will not be met with rising demand.
- by: Daniel Palmer
- From: Business Spectator
- August 26, 2014 8:52AM
Benchmark iron ore for immediate delivery to the port of Tianjin in China is currently trading at $US89.20 a tonne, down almost 1 per cent from its $US90.10 closing mark in the previous session.
Such levels were last seen in mid-June when fears about the strength of the Chinese economy were on the rise.
The latest fall followed a near 2 per cent descent in the previous session, with investors eyeing news that BHP Billiton would increase its iron ore supply by a greater amount than previously expected.
The mining giant’s boss, Andrew Mackenzie, also cautioned investors not to expect the price of the commodity to rise significantly anytime soon.
“We would say it is quite unlikely that we would see prices north of $US100 a tonne, so our forecasts are obviously based on something below that,” Mr Mackenzie said.
Current year-to-date falls for iron ore are over 30 per cent.
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