Iron ore price claims another victim

17.3.2015, 20:27 -

The 62% Fe import price including freight and insurance at the Chinese port of Tianjin lost $0.50 or 0.9% to $57.60 a tonne on Tuesday. After almost halving in 2014, the price of iron ore is now down nearly 24% this year.
Tuesday’s peg was the lowest price since November 2008 when The SteelIndex, a unit of Platts, first started tracking the spot price. In 2008, the benchmark contract price was $60.80 a tonne, which was hiked from the annually-set price in 2007 of $36.63.
State-owned Swedish iron ore producer LKAB last month announced it will cut 400 jobs following a collapse in profitability during the fourth quarter 2014 and today another Scandinavian operator is in trouble reports Platts.
Swedish iron ore miner Dannemora Mineral AB said it has ceased iron ore production at its main mine in Sweden due to limited liquidity.
State-owned Swedish iron ore producer LKAB became the latest victim of the low iron ore price on Friday announcing it will cut 400 jobs following a collapse in profitability during the fourth quarter 2014.

atPlatts News.
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