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Iron ore price retreats toward $US42
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Australia’s biggest export commodity has halted its recent winning run as investors worry about softening Chinese demand at a time when industry heavyweights are ramping up supply.
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US42.10 a tonne, down 2.4 per cent from its prior close of $US43.10 a tonne.
The decline comes despite mining stocks in London faring well in overnight trade.
Shares in BHP Billiton closed 1.4 per cent higher in London trade, while Rio Tinto ended up 1.9 per cent.
While the drop in the iron ore price is the first in 12 sessions, the metal remains 13 per cent above its recent record low of $US37.00 a tonne recorded on December 11.
Global oversupply and softening Chinese demand for steel saw the iron ore price decline by over 42 per cent last year.
A Reuters poll last month suggested the iron ore price could fall below $US30 in coming months, which could place severe pressure on junior miners and high-cost producers.
Source: The Australian
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