Rio Tinto, Vale, BHP Billiton and Fortescue Metals Group should get used to the price of iron ore trading in a narrow $US40 a tonne range due to declining demand for steel, according to an official Chinese forecaster.
The price of iron ore, a key ingredient used to make steel, has slumped to just $US44.75 ($62.08) a tonne this week in the Chinese port of Qingdao, nearing a decade low of $US44.59 reached on July 8 this year. It has now fallen by 37 per cent so far this year and is on track to post a sixth-straight weekly loss.
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