[miningmx.com] – THE price of iron ore headed down for the sixth consecutive month – the longest losing streak on record – owing to a glut of supply from Australia and Brazil, said Bloomberg News.
“We think it is mainly a supply story,’ Christian Lelong, an analyst at Goldman Sachs in Sydney, told Bloomberg. “Demand is clearly growing at a slower pace, but supply growth is particularly strong after years of over-investment.’
Ore with 62% content delivered to Tianjin was at $95.70 a dry ton yesterday, 9.2% percent lower this month, said Bloomberg News citing data from The Steel Index Ltd.
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