Iron ore stuck in downward spiral
An upturn in iron ore prices on the back of promises from Chinese President Xi Jinping to take more effective measures to achieve the country’s economic and social development goals has proven to be just a blip. When Xi made his comments on June 23, iron ore prices bounced off a seven-month low of $109 per tonne on June 22. But rather than marking the start of a sustained recovery, the tide soon turned and by June 27 prices had fallen for three straight weeks. Analyst Wood Mackenzie’s observation in ...
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