Loading ...Iron ore prices continued their losing streak Wednesday with the steelmaking raw material dangerously approaching the $40 a tonne-mark, which would put most small and mid-size producers too close to start losing money.
The Chinese import price for 62% iron content fines at the port of Qinqdao lost $5.01 or 10.01% of its value to $44.59 a tonne, the largest percentage drop on record, data from The Metal Bulletin Iron Ore Index shows.
The situation is likely to get worse, say analysts. Brazil, the world’s second largest seaborne producer, unveiled data showing that output continues to increase.