Iron ore price continues to fall

The price of iron ore is on the move again, flirting with the five-year low it fell to in December.

Benchmark iron ore for immediate delivery to the port of Tianjin in China finished trading at $US66.50 per tonne, its lowest level in 2015.

On December 23 last year, iron ore fell to a five-year low of $US65.60 a tonne.

The latest fall comes as major iron ore producers BHP Billiton and Rio Tinto released their December 2014 half year reports.

Both miners revealed record iron ore production and shipping records, and reaffirmed goals to push their operations even further.

Analysts say it is this surplus which is helping to push down prices.

A horror 2014 saw the price of iron ore fall by 47 per cent, forcing many miners to cut jobs or close down their sites.

Atlas Iron and BC Iron have both cut staff in order to deal with the price slide.

CitiGroup expects the iron ore price will average $60 a tonne in 2015 and 2016.

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