What’s shaking the market, however, is the speed at which the price plunge has taken place. Back when Metal Bulletin’s 62% Fe iron ore index hit a record low of $47.08 per tonne cfr on April 2, it took a month for prices to make their slowburn descent from $60 per tonne.
This time, it took just a week to lose the same ground.
And this time, exacerbated by Chinese equity market sell-offs and the Greek debt crisis, the record-low is very likely to be beaten as a cargo of 62% Fe MNP (Mining Area C, Newman, or Pilbara Blend fines) was traded at $43 per tonne cfr China on Global Ore during morning trading on Wednesday July 8.
“The...
