Iron ore fell to a five-year low yesterday as China’s property market showed renewed signs of weakness.
Benchmark Australian ore for delivery into China was assessed at $72.10 a tonne, down 4 per cent, according to data from the Steel Index.
It has fallen more than 40 per cent this year as a wave of new seaborne supply of the key steelmaking ingredient from miners in Australia and Brazil has hit the market at the same time as demand growth has slowed.
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