Iron ore and coal prices are falling again as economic news at the weekend suggests weaker manufacturing activity.
Australia’s miners have been slashing costs to be able to keep producing ore and maintain profit margins as prices keep heading down.
And the big iron ore producers, such as BHP, are bringing more capacity to market so they can fill what they see as future demand.
This is putting further pressure on prices.
December Iron Ore Swap Futures Futures Prices hit $77.82, down $0.92.
And December ICE Newcastle Coal Futures Prices are down $1.15 to $63.15 – the lowest level in more than 5 years.