Iron ore prices have slipped into a bear market – will Australian investors notice as they punt on the latest cack-handed suggestion to BHP?
Ore with 62% content in northern China fell 1% to $US74.71 a dry tonne on Monday, according to Metal Bulletin Ltd.
That was after a 6.8% fall on Friday that pushed the commodity into a bear market from a February peak of more than $US94 a tonne.
Iron ore futures in Dalian in China fell to their lowest since November, and those in Singapore traded below $US72 a tonne.
BHP Billiton shares – targeted by US hedge fund investor, Elliott Management – rose 4.6% on the ASX on Monday, while Rio Tinto shares wereup 1.1%. Fortescue Metals Group shares were all but unchanged yesterday.
