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Iron Ore Stocks Crumble as Price Drops to Six-year Low

Posted: March 8th, 2015 | Author: | Filed under: Business News | Tags: , , , | Comments Off on Iron Ore Stocks Crumble as Price Drops to Six-year Low

Iron Ore Stocks Crumble as Price Drops to Six-year Low
Iron ore stocks have taken a beating on the share market, with the price of the commodity falling below $US60 a tonne. The benchmark price of iron ore dipped to $US59.3 a tonne overnight, hitting a fresh six-year low.

Prices for the steel making commodity have more than halved over the past year, driven by massive expansions in the Pilbara and Brazil. It has glutted the market, a situation the World Bank is predicting could last for up to two years :: Read the full article »»»»