It is reported by Bloomberg that chairman of India’s largest iron ore miner NMDC said that case iron ore price may fall to a level of US$70/ton, which will happen in short run.
Chairman Rana Som said in the interview that the negative prediction was based on the weakening purchase from China, who is the top buyer of iron ore in the world.
Actually, after China’s steel price declined since the beginning of this month, iron ore from Australia delivered to China has dropped by 9.3 percent on August 21.
Before, analyst has predicted the future delivery iron ore price in China to fall to US$80/ton.
Source: Yieh.com