The iron ore price is flirting with the crucial $US90 a tonne threshold after inching even lower over the weekend as weakened steel demand in China continued to weigh on the commodity.
Benchmark iron ore for immediate delivery to the port of Tianjin in China is trading at $US90.90 a tonne, a decline from $US91.50 in the previous session.
The commodity is closing the gap between its current price and its $US86.9 a tonne trough during September 2012, and currently sits at its lowest point since September 7, 2012, when it traded at $US89 a tonne.
The latest declines will likely weigh on exposed miners in early trading today, particularly the likes of Fortescue Metals and BC Iron, which fell sharply during Friday trade.
The commodity price has weakened over 30 per cent this year, with exposed miners set to bear some of that pain in their full-year results in August.
http://www.businessspectator.com.au/news/2014/6/16/resources-and-energy/iron-ore-price-nears-us90-tonne
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