[miningmx.com] – THE price of iron ore fell to its lowest level since 2012 recording a fourth weekly loss to nearly $100/t, said Bloomberg News.
“I think the spot price has shown and is likely to continue to show high volatility from time to time,’ Lachlan Shaw, an analyst at Commonwealth Bank of Australia, told the newswire service.
“Spot prices could easily trade below $100 a ton for a short time, at any time,’ he said. The reason for the price weakness was large increases in supply estimated by Goldman Sachs to create a surplus of 77 million tonnes this year before rising to 145 million tonnes in 2015.
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