Prices for iron ore, Australia's largest export, have crashed more than a quarter this year due to uncertainty about China's economic outlook. The value of iron ore has plunged 27% from 18-month highs, as port inventories and stockpiles of iron ore at China's blast furnaces rise. This suggests that steel output from China may start to slow down. Westpac Bank's commodity team has reported that China's steel mill stockpiles have reached their highest level since February last year, and iron ore port inventory has risen in 11 of the past 12 weeks.
Australia ’s biggest miners face the prospect of iron ore staying flat for longer, after prices for the country’s most lucrative export crashed more than a quarter this year amid uncertainty about China ’s economic outlook. After hitting 18-month highs above $US140 ($215) a tonne in January, the price of iron ore has plunged sharply in recent months, slumping to near $US100 ($153) by mid-March, due to.
Port inventories and stockpiles of iron ore at China’s blast furnaces are rising, suggesting steel output from the Asian powerhouse may start to slow. The value of iron ore, Australia’s largest export and a billion-dollar earner for the federal government, has plunged 27 per cent from 18-month highs.Westpac Bank’s commodity team, in a note on the sector, said China’s steel mill stockpiles have jumped to their highest level since February last year, above seasonal averages, and iron ore port inventory has risen in 11 of past 12 weeks, up 30 per cent from Septembe
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