{"id":467334,"date":"2017-04-07T10:06:46","date_gmt":"2017-04-07T10:06:46","guid":{"rendered":"https:\/\/juniorminingnews.com\/?p=467334"},"modified":"2017-04-07T10:06:46","modified_gmt":"2017-04-07T10:06:46","slug":"iron-ore-miners-shares-drop-as-prices-collapse-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=467334","title":{"rendered":"Iron ore miners shares drop as prices collapse"},"content":{"rendered":"

By analyst<\/a><\/span> <\/p>\n

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

Shares in all major iron ore producers were getting hammered Friday as prices for the steelmaking material plunged by almost 7% overnight, erasing all of this year’s gains and placing the commodity in a bear market.<\/p>\n

Ore with 62% content in Qingdao dropped 6.8% to $75.45 a tonne, which means seaborne has declined more than 20% since its Feb. 21 peak, according to the Metal Bulletin. Earlier in Asia, futures in Dalian fell 6.2% to the lowest close in five months as steel tanked.<\/p>\n

Iron ore prices are now down 3.1% so far this year.<\/p>\n

After a 85% rise in 2016, iron ore prices are now down 3.1% so far this year, which highlights the volatility of the market<\/a>.<\/p>\n

Brazil’s Vale (NYSE:VALE), the world’s No.1 producer, was down 2.29% in pre-market trading in New York to $8.95. Rio Tinto (ASX, LON:RIO), the second largest iron ore miner, closed 1.10% down in Sydney to A$60, and had already shed 1.77% in London at 2pm local time. Meanwhile, number three BHP Billiton (ASX, NYSE: BHP) (LON:BLT) closed slightly down in Sydney (-0.32%) to A$24.59, and was trading 0.94% lower in London to 1,262.50 p early afternoon and -1.02% l in pre-market in New York.<\/p>\n

Fortescue Metals Group (ASX:FMG), the world’s fourth largest miner of the steelmaking ingredient, was one of the biggest losers of the session, closing 3.02% down to A$6.11<\/p>\n

Some believe the current drop in prices has its roots in mounting inventory at Chinese ports, currently sitting at the highest levels since 2004.<\/p>\n

Others blame an ongoing glut<\/a> that has worsened due to that fresh supply coming from recently opened mines<\/a>, for the weaker prices.<\/p>\n

Today’s drastic descend followed a new quarterly report from Australia’s Department of Industry, Innovation and Science<\/a> predicting average iron ore prices in China may drop to $65 a tonne this year before falling even further to $51, \u201cweighed down by the combined impact of ongoing growth in low-cost supply and soft demand.\u201d<\/p>\n

\u201cGrowing supply, primarily from Australia and Brazil, is expected to steadily outpace demand growth over the rest of 2017. As a result, the price is projected to decline,\u201d the authority said. Current price levels are unlikely to be sustained beyond the short term, it said.<\/p>\n

Today’s price slump also coincides with a general drop in base metal prices and a surge in gold after the US launched 59 Tomahawk cruise missiles against Syria<\/a>, boosting demand for safe havens but hurting risk assets.<\/p>\n

The post Iron ore miners shares drop as prices collapse<\/a> appeared first on MINING.com<\/a>.<\/p>\n

\u2026read more<\/a> <\/p>\n

Source:: Infomine<\/a><\/p>\n

The post <\/a>Iron ore miners shares drop as prices collapse<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By analyst By Cecilia Jamasmie Shares in all major iron ore producers were getting hammered Friday as prices for the steelmaking material plunged by almost 7% overnight, erasing all of this year’s gains and placing the commodity in a bear market. Ore with 62% content in Qingdao dropped 6.8% to $75.45 a tonne, which means […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/467334"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=467334"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/467334\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=467334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=467334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=467334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}