The iron ore price will fall but it won’t drop off a cliff. That’s the view of analysts who are predicting a drawn-out decline for the price of Australia’s most important commodity, rather than a “sharp crunch down”.
The spot price of iron ore fell 3 per cent in China on Wednesday to $US84.99 per tonne, taking the fall over the past two days to 7.7 per cent. Moves by Chinese regulators to cut property speculation are weighing on the prices of Chinese construction steel and iron ore prices.
While the price has held up surprisingly well in 2017, beating the expectations of most analysts, it has slid consistently since March 16 and is about $US10 per tonne lower than the peak of $US94.86 per tonne on February 21. Continue Reading →