As a result benchmark iron ore for immediate delivery to the port of Tianjin in China is currently trading at $US87. 10 a tonne, down almost one per cent from its $US87. 90 closing mark in the previous session and below the year's previous low point of $US87. 30, reached on Thursday last week.
Such news is unwelcome for investors in the commodity as it further raises fears of soft demand at a time when iron ore heavyweights Rio Tinto, BHP Billiton, Fortescue Metals Group and Vale are raising supply.
Read more here: Business Spectator