
Australian iron ore producers expect the prices of their products to reach record lows while asserting the price weakness is only passing phase.
Iron ore prices fell 4.1 percent on Friday to 91.80 U.S. dollars a tonne, the lowest since September 2012.
All Australia's iron ore miners are affected by the weakness including BHP Billiton and Rio Tinto however smaller companies with higher costs are the worst hit.
Fortescue Metals Group, the country's third-biggest producer, Atlas Iron and Mount Gibson Iron say a further decline past the 86. 90 dollars a tonne low of Sept. 4, 2012, can be expected.
That would set prices on a trend down to depths not seen since 2009.
However demand remains firm, and the outlook remains positive in the medium term, the producers say.
Prices on Friday sank 4.1 percent at Tianjin port in China, the world's key market for global iron ore trade.
Friday's price drop took the decline so far this year to almost a third, including a 13 percent slump in May, when it crashed through to double figures for its sixth straight monthly decline
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:06 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 16:17 2018 Monday ,12 November
Egypt working on 4-year plan to increase growth rateGMT 12:45 2018 Friday ,09 November
Egyptian agriculture products introduced to Japanese markeGMT 11:42 2018 Friday ,02 November
Turkey's new mega airport, boon for slowing economyGMT 13:42 2018 Monday ,29 October
Egypt's trade volume hits $67.63 bln over 9 monthsGMT 15:13 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 14:46 2018 Thursday ,11 October
Economy and energy dominate agenda in Russian-Slovak relationsMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor