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The price of iron ore hits lowest level since 2007

There are no bright spots in the global dry bulk industry right now. Weak Chinese demand for iron ore is contributing to maintaining extremely low rates for the large Capesize vessels.

Photo: K Line
BY OLE ANDERSEN

The price of seaborne iron ore has hit USD 53 per ton or the lowest level since 2007. The question is whether the price can get any lower in a market impacted by low demand.

According to RS Platou Markets, the large mining companies, Australian Rio Tinto and BHP Billiton, have an average break-even price below USD 40 per ton, while Fortescue has a break-even of approximately USD 50 per ton.

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