Iron ore has slumped below $US70 a tonne for the first time since November 7 as it extended a losing streak to five days.
In the latest session, iron ore for immediate delivery to the Port of Tianjin in China tumbled 6.3 per cent to $US67.90 a tonne, from $US72.50 in the prior session, according to the Steel Index.
Another closely watched price source — Metal Bulletin — plunged 8.5 per cent to $US68.04, with the heaviest drop in a year taking it to the lowest mark since November 8.
The five-month trough comes just prior to the release of the federal budget, with Treasury watching the key export closely as it prepares to detail its latest forecasts.
As it stands, the budget would have received a boost from the commodity’s recent ascent to a multi-year peak of $US94.50 a tonne as expectations had been for readings through the first-half of calendar 2017 in the range of $US55 to $US60 a tonne.
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