The price of iron ore, a key source of profits for some of the world’s biggest mining companies, has dropped below $50 a tonne on concerns about weak demand in China, the key consumer of the steelmaking ingredient.
Benchmark Australian ore for immediate delivery into China fell $2.00, or
3.9 per cent, to $49 a tonne yesterday, the lowest level since The Steel Index, a price reporting agency, began publishing assessments in 2008.
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