(MENAFN- ProactiveInvestors)
The iron ore price has fallen further by 3.5% to $US49.53 per tonne for 62% Fe grade CFR Tianjin Port China.
The metal has now dived to its lowest level in 10 years reflecting vast new supply on the market from Pilbara major producers.
UBS mining analyst Glyn Lawcock said the iron ore price could soon fall into the $US40s a tonne.
Deutsche Bank has even warned the commodity’s price could hit $US40 a tonne before it begins to recover.
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