Iron ore price on the way down

The price of iron ore has once again slipped below $US70 a tonne.

The fall comes just days after the commodity jumped to its highest price in over three weeks on Monday of $US71.10 a tonne.

But as predicted the rise was only temporary, with benchmark iron ore for delivery to the port of Tianjin in China at $US69.70 a tonne.

The falls come as data out of China revealed its imports fell 15.1 per cent in in November.

“We’ve been expecting the relatively high levels of imports to weaken as steel demand faltered and clearly that’s occurred in November,” said Daniel Hynes, senior commodity strategist at ANZ Bank.

“The market will definitely take it bearishly.”

Meanwhile the China Metallurgical Industrial Planning and Research Institute said the international benchmark price for iron ore will be $US70 per tonne in 2015.

Image: mining-technology.com

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