It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.
Iron Ore Price Mining News
Despite the rosy outlook from Australia’s top iron ore producers, they are all facing staggering demand from their biggest customer — China.
The company has become the first big miner to delay a planned output expansion.
The miner defended his decision to boost production, which has led to sinking prices and threatens to put some competitors out of business.
The world’s No. 1 iron ore producer by volume posted a second consecutive quarterly loss.
The miner shed over 3.7% after two of its business divisions — Amplats and Kumba — warned they expected full-year earnings to shrink more than previously flagged.
Iron ore and oil, for ages among the strongest commodities, are on course to end 2014 as the worst performing ones.
The miner confirmed Friday it is in talks “with a potential investor,” but did not name its counterpart.
Chief Financial Officer Luciano Siani confirmed Tuesday the company's plans to sell a minority stake in its metals-producing unit.
Iron ore project will remain suspended until the company either releases $102 million in restricted cash or can secure other short term funding.
Founding managing director Mike Young among the ones leaving the company.
This is almost two-thirds below a peak of $191.90 reached in February 2011, which was when huge new mines were being approved.
The world's largest iron ore producer said the new division head will focus on increasing efficiencies.
While the miner produced a record amount of iron ore, turmoil in currency and commodity markets overshadowed any production gains.
Analysts say only a business-friendly appointment followed by credible action to strengthen the fiscal accounts and control inflation would reassure markets.
Despite iron ore prices touching rock bottom, the top three producers have no plans to slowdown production. Quite the contrary.
The head of the iron ore division, Andrew Harding, defens Rio's own plans to ramp up ore production.
While BHP gets ready to further expand iron ore output, Glencore's Glasenberg warns the move will make investing in African iron ore a less appealing prospect.
Shanghai Metals Market warns slim profits and continuous declines in steel prices have dampened Chinese mills’ appetite for iron ore.
After flirting with a five-year low for about a month, the iron ore price fell to the lowest price since October 2009.
Following a meeting with BHP’s China boss, Beijing issued a statement saying it believed that “BHP and other iron ore suppliers should avoid abusing dominant market positions."
Monthly loss up to 8.4%
If the steel-making material loses another $2 a tonne, it will be the lowest since October 2009.
There’s a death match among iron ore producers, with the big Australian miners and Brazil's Vale increasing pressure on their high-cost Chinese rivals.
The 70 million tonne-a-year project in the Pilbara is meant to replace other Yandicoogina’s areas that are running out of ore.