Iron ore price drops after Trump’s China tariff threat
US President Donald Trump said that he could hit China with 10% tariffs on all imports from as early as next month.
Australian prospectors are scouring remote outback locations for new sources of iron ore to rival the big western lodes dominated by Rio Tinto and BHP Billiton , spurred on by China’s swelling appetite.
Analysts expect most of Australia’s iron ore to keep coming from Western Australia’s Pilbara region, the world’s single largest deposit, which is seen producing about 400 million tonnes this year.
