Loading ...Iron ore price enters freefall
After a 4% slide in the iron ore price on Tuesday, another selloff on Wednesday brought losses for the week to over 7% as negative sentiment swamps the market for the steelmaking raw material.
The CFR 62% Fe 2% Al benchmark import price at the port of Qingdao tracked by The SteelIndex dropped 2.7% on to $71.20 a tonne on Tuesday, down $5.50 in just two sessions.
Prices at the port of Tianjin dropped nearly 3%, staying just above $70 a tonne. The price of iron ore is now down 47% in 2014.
The steelmaking raw material last traded at these levels in June 2009 when annual benchmark pricing between the Big 3 producers – Vale, BHP Billiton and Rio Tinto – and Chinese and Japanese mills were still the industry norm.
Today’s gap down has been blamed on the latest Chinese property market data showing price declines extending for a sixth month in a row and a fall in the domestic steel price to record lows of $400 a tonne.
more http://www.mining.com/iron-ore-price-enters-freefall-93894/