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Price war on iron ore could hit shipping

It looks like a price war has erupted among iron ore producers, and this could impact shipping on the short term, according to Platou.

Lower prices on iron ore will likely reduce freight activity going forward, says Platou in an analysis. Late last week the spot price on iron ore decreased to USD 87 per ton, the lowest level since 2009.

"In our view, the price decline is primarily due to a supply glut of the material. Comments from the global iron ore miners indicate that a price war may have broken out," says Platou.

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