Ore with 62% content in Qingdao lost $2.33 a tonne to close at $57.91, data from the Metal Bulletin shows, hitting a seven-month low and marking the commodity third consecutive weekly fall.
Fortescue Metals Group Mining News
BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and evidence of Chinese demand cooling earlier than expected.
BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and expectations for a surplus.
The world's fourth largest miner of the steelmaking ingredient said it also benefitted from declining costs.
Higher commodity exports delivered a record trade surplus of $3.5 billion in December, the second monthly trade surplus Australia has recorded in nearly three years.
Australia's EPA has sanctioned a three-fold expansion of Fortescue Metals Group's (ASX:FMG) Solomon Hub, which could sustain production for another 35 years.
Smaller rival Fortescue Metals went the opposite way — it increased iron ore exports by 5% in the Sep. quarter.
Long-term, the deal could be viewed as the first step of a more disciplined approach to iron ore supply by aligning two of the world’s “big four” producers of the commodity.
BHP Billiton began evacuating workers from its Port Hedland export facilities early Friday.
The bank says prices will remain under $40 a ton for the next three years as China’s slowdown forces the sector into a long period of hibernation.
It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.
Two huge explosions at the port of Tianjin, the world's 10th largest, have killed at least 50 people and devastated the area.
Seaborne with 62% content delivered to Qingdao dropped 0.7% to $51.76 a ton, its sharpest drop in two weeks.
Despite the rosy outlook from Australia’s top iron ore producers, they are all facing staggering demand from their biggest customer — China.
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.
The sustained losses place smaller miners back in the danger zone.
As fresh reports provided further evidence of a slowing Chinese economic and consequently increasing stock piles up at its ports.
Iron ore rallies again after Vale CEO predicts 200 million tonnes of Chinese production shutting down and seaborne market growing to 1.44 billion tonnes.
BHP Billiton's outspoken chief executive officer believes oversupply will keep global metals prices lower for much longer.
Goldman expects the iron ore "war of attrition" will continue while prices gradually decline toward its $40 per metric ton forecast by 2017.
The stock surged over 15% in early trade, closing at A$2.40, or 10.6% up, after reports of Chinese-linked companies seeking permission to invest in the iron ore producer.
The China-Brazil deal means that in just three years Vale will be producing more than BHP Billiton and Rio Tinto combined.
Andrew Mackenzie also warned the proposed would damage the Australia’s economy and shift investment to main foreign competitor Brazil.
Inquiry comes amid claims the mining giants are driving prices down, severely damaging the country's economy .