Iron ore set for US$100 test after slump on China demand fears

On a downtrend: A dump truck collects iron ore at Rio Tinto’s mine in Australia. The raw material has slumped from above US$140 a tonne early this year to below US$106. — Reuters

BEIJING: Iron ore resumed its decline, closing in on a seven-month low and nearing the US$100-a-tonne level that might start to push out some high-cost production.

The steelmaking raw material has slumped from above US$140 a tonne early this year to below US$106 on fears over China’s demand prospects.