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News: Has iron ore bottomed?

  1. The price of iron ore CFR Port of Tianjin in China lifted to $US62.20 a tonne overnight, a gain of 1 per cent from its previous close of $US61.60 a tonne.

    The metal hit a five year low last week, levels not seen since April 2009.

    This is the first two day gain for 2015.

    Iron ore has declined 13% this year.

    The metal has fallen on the back of massive new tonnages of seaborne iron ore on stream from majors BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) leaving smaller producers reeling it their wake.

    China's steel industry is also experiencing a slow down that have affected iron ore prices and could be key as to whether the iron ore price picks up after Chinese New Year.

     

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