Low Prices, Lack of Financing Mean Tough Times for Iron Ore Traders

(Beijing) – A slump in the price of iron ore and difficulty getting bank loans amid greater scrutiny by the banking regulator mean traders are facing a tough time.

The price of iron ore has fallen from US$ 134.5 per ton at the beginning of the year to US$ 93.5 per ton on June 23 – a decline of 30.4 percent – according to the Platts Iron Ore Index, a benchmark for the spot price of physical iron ore.