Home » Uncategorized » Mayhem Amongst The Miners As Iron & Steel Prices collapse

Mayhem Amongst The Miners As Iron & Steel Prices collapse

Steel prices on the Shanghai futures index fell 5% in a single session yesterday, leading to a further 3.9% fall in iron ore prices. A knock on effect was felt on the worlds stock markets as mining shares followed suit and billions were knocked off the value of the four big majors, with more still to come. Vale was down by 4.5%, BHP by 4% and Rio Tinto by 2.2%. Australia’s Fortescue Metals was worst hit with a fall of 5.8%, making a total drop for the year so far of 40%.

As ever the Chinese are to blame, as their economy refuses to allow itself to be kick started.

Sign of the times perhaps that these are markets where US consumption appears to have become irrelevant.

Looking for luxury villas and houses for sale in Greece -click here; http://www.hiddengreece.net

Leave a comment

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.