The benchmark iron ore price, measured out of the Tiajin port in China, slumped 2.1 per cent overnight on Thursday, to $US91.50 per tonne, a 21 month low.... Steel consumption in China has been week as construction in China’s property sector, the largest consumer of steel in China, eases coming into summer...... In Australia, the value of iron ore exports has risen 24 per cent over the past year, even though the iron ore spot price has lost more than 30 per cent...... Big miners can weather a lower iron ore price because of their low cost base and having a higher grade product. However, the higher cost, lower quality producers, including Fortescue and Atlas Iron will be feeling the pinch...... Lower grade iron ore, 57 per cent to 58 per cent Fe, experienced a discount of $US10 per tonne over 2012 and 2013, but Credit Suisse estimates that was abnormally low. The discount is now $US19 per tonne and is expected to hit $US20 per tonne
