Iron ore price hits five-week low as traders fret about Chinese demand
Iron ore has slumped 29% this year, hurt by the prolonged slowdown of China’s economy.
Australia’s Telegraph quotes Deloitte Access Economics over the weekend as saying “the strong bit of Australia’s two-speed economy won’t stay strong for more than another two years or so.”
In a forecast for the Australian economy the consultants maintain “mining companies are making it clear the current spike in investment is due to decisions taken a while back, whereas we are getting few new mining mega-projects across the line.”
However, MINING.com reported there are more studies pointing towards a continuation of the mining boom >> >>
2 Comments
Heriberto Lira H
Vendo mina de hierro de 120 ha en Chile.
Peter Campbellfoulkes
Yes that’s right! No more cars,steel structures,reinforced concrete, will be made in two years.
The population of the world will decrease and the sky will fall chicken little.HA! HA!