Iron ore slumps to new low as global de­mand slumps

China Daily (Canada) - - BUSINESS -

Iron ore prices have fallen to a five and a half year low as de­mand from China, the world’s big­gest buyer, re­mains slug­gish, ac­cord­ing to me­dia re­ports. The price of iron ore dropped 3.5 per­cent to $65.6 per metric ton on Tues­day, the cheap­est since June 2009. The price is also a 51 per­cent de­cline com­pared to the be­gin­ning of the year, ac­cord­ing to the Steel In­dex. Justin Smirk, an economist atWest­pac Bank­ing Corp, said that since the slow­down in China’s steel pro­duc­tion this win­ter, the price of iron ore may drop fur­ther.

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