The iron ore price has plummeted below $US70 on the back of increased supply as China’s steel demand begins to soften.
The iron ore price has jumped above $US80 once again amid a subtle start from China’s smaller mining players.
Iron ore has continued to have a stellar week, settling at $US81.90 a tonne overnight, according to the Steel Index.
Iron ore prices have been tumultuous this week; soaring past $80 then slumping, before rising once more.
Iron ore has rallied to a 12 month high of nearly $US71 a tonne while other metals including nickel, copper, and zinc have also surged, according to the AFR.
The price of iron ore has slumped to a six-week low, hitting $US57.40 a tonne, according to The Steel Index.