2015 Minnesota conference bucks iron ore industry trends
Mining Engineering, 2015, Vol. 67, No. 6, pp. 65-65
The ominous cloud hanging over the global iron ore sector has grown so dark that on the day that the 2015 SME Minnesota Conference kicked off in Duluth, MN, some of the world’s largest mining companies were placed on “credit watch negative” by Standard and Poors (S&P).
The price of iron ore slipped to a multiyear low of $48.59/t ($47.08/t) in April, down from nearly $220/t ($200/st) as recently as 2011. The global ratings agency said the credit watch change was because it lowered its price forecast to $49/t ($45/st) for the remainder of 2015, to $55/t ($50/st) for 2016 and $69/t ($55/st) for 2017.
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