The spectacular collapse in the iron ore price has continued.
According to Metal Bulletin’s iron ore index the spot price for 62% fines fell by 5.12%, or $2.68, to $49.60 a tonne on Tuesday. The index has now fallen for nine consecutive sessions, the longest losing streak seen since August 18 to 29 last year. It is also the first time since April 16 that the price has fallen below the $50 a tonne level.
From June 24, the beginning of the recent slide, it has fallen 20.7%. Over 2015 that extends to 30.4%. From the record-high level of $191.70 struck on February 2, 2011, the index has slumped 74.1%.
Given the scale and speed of the decline, the price is rapidly closing in on the record-low level of $47.08 hit on April 2 this year.