Iron ore plunges as China rout hurts commodity markets
Iron ore prices plunged to fresh six-year lows Thursday as contagion from China's stock market rout hurt commodity markets, with resource-heavy economies like Australia bearing the brunt. The spot price of the commodity used to make steel took its biggest one-day hit ever overnight, falling 10 percent to $44.59 a tonne, analysts said, as demand in key market China continues to shrink. At this level, most Australian miners would be producing at a loss, with the exception of low-cost giants like...
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