[miningmx.com] – VOLATILITY in the price of iron ore is at a record high with prices spiralling downwards and surging for most the week, said Bloomberg News citing data from Metal Bulletin.
Ore with 62% content delivered to Qingdao surged 9.9% to $48.99 a ton on July 9 after plunging 10% to $44.59 a day earlier – the lowest in at least six years, Bloomberg said referring to Metal Bulletin figures. Prices for iron ore are 11.4% lower this week after losing 10.9% the week before, it said.
“Volatility has come back into the market,’ said Laura Brooks, a senior consultant at CRU Group. “For the price to drop that much in a space of a week, I don’t think fundamentals can move that quickly to trigger that,” she said.
“It’s much more sentiment-driven.”
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