The price of iron ore, a key steelmaking ingredient, dropped below $60 a tonne for the first time since 2009 as China vowed to cut overcapacity in the steel industry and close mills that violate pollution standards.
Benchmark Australian iron ore for delivery to China fell $2.80, or 4.5 per cent, to $59.30 a tonne yesterday, according to The Steel Index, a price reporting agency. Iron ore futures on China’s Dalian exchange fell 3.1 per cent to a three-month low.
Iron ore is a key profit generator for several leading mining companies, including Rio Tinto, BHP Billiton, and Vale of Brazil.
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