The price of iron ore, a key source of profit for some of the world’s biggest mining companies, has surrendered all of its gains for the year as investors become fearful about waning Chinese demand.
Iron ore slumped 8 per cent on Monday to a six-month low of $111.35 a tonne, according to S&P Global Platts, following reports of steel mills in China cutting production. The move reflected a ninth straight session of declines.
Analysts have warned that it could now fall to as low as $100 a tonne for the first time since November if China’s flagging property market remains in the doldrums. The country accounts for around half of global steel output and iron ore is the key material needed to make the metal.
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