A lack of demand for physical cargoes has seen the price of iron ore hit a five-year low.
Benchmark Australia ore for immediate delivery into China fell $1.10 to $76 a tonne on Wednesday, the lowest level since June 2009.
The steelmaking commodity has declined more than 40 per cent this year as supply from the world’s biggest producers – BHP Billiton, Rio Tinto and Vale – has overwhelmed demand growth, which has started to weaken.
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