Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details


Back to log in

CHART OF THE DAY: Iron Ore Has Really Crashed Now

Getty/Darrian Traynor

The iron ore price has been under pressure for more than a year now but rather than finding a base, it seems the fall has accelerated over the Australia Day weekend.

At $61.73 a tonne the March 62% Fe, CFR China futures contract is more than $4 down on last Friday morning’s close – a loss of more than 6%.

A price of $60 a tonne was assumed in the government’s MYEFO forecasts for the next two years, so this renewed weakness shouldn’t materially impact on Australia’s fiscal position.

But for Australia’s iron ore miners, it could be another bad day’s trade.

Iron Ore – March 62% Fe (Barchart.com)

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.