Iron ore in price drop

Townsville Bulletin - - NEWS -

A FALL in the iron ore price to be­low $ US60 a tonne has hit the share prices of Aus­tralia’s min­ers. The fall to its low­est level in five weeks came af­ter Aus­tralia’s Depart­ment of In­dus­try and Science sharply cut its price forecast for 2015 from $ US60.40 a tonne to $ US54.40. Many an­a­lysts be­lieve it could tum­ble well be­low $ US50. “China’s steel pro­duc­tion is forecast to con­tract in 2015 and 2016 as the seaborne sup­ply of iron ore in­creases,” the depart­ment said. The Steel In­dex re­ported that iron ore closed at $ US59.30 yesterday, down 1.98 per cent from $ US60.50.

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