Iron ore fall hits miners as demand declines

Author: Paul Ploumis07 Nov 2014 Last updated at 07:22:23 GMT

CANBERRA (Scrap Monster): The analyst at, the Australian based Common Wealth Bank, Lachlan Shaw, stated that, the capital of China; Beijing is in a hurry to clean up the sky to blue before the world leaders land in China. Due to this move by the officials, the heavy industries, mostly steel industries are asked to decline their production. Ove4r the past few months the residents in Beijing were being affected by the worst air pollution of all the times.

The price of iron ore fell 1.4 percent at the beginning of this week to 76 dollars per tonne, stated the data collected from the Steel Index. The decline has now moved forward from 40 percent to 43 percent. The benchmark of iron ore is now at the lowest from that of June 2009.

The quick dive in the iron ore price also badly affecting the value of the iron ore manufacturers like Australian based Fortescue Metals and Atlas Iron Ore Ltd.the stock of Fortescue Metals fell up to 8.5 percent recently. The Atlas Iron Ore Ltd, fell to about 17 percent.