The iron ore price reached a fresh five-and-half-year low on Wednesday after surprisingly weak imports by top consumer China. The CFR 62% Fe 2% Al benchmark import price at the port of Qingdao tracked by The SteelIndex declined 20c to $69.10 a tonne, the lowest since June 1, 2009. The price of the steelmaking raw material is down just under 50% since the start of the year. Fears of a deteriorating outlook for China, buyer of nearly 70% of the world's seaborne cargoes, intensified after customs data showed a 15% plunge in November iron ore imports to 67.4 million tonnes. Year-on-year the decline was 13.4% and it was the first first November decline in the country's imports of the steelmaking raw material since 1998. The only other time November imports fell since records began was in 1996, according to Bloomberg. Another indication of declining demand was evidenced by shipping rates for iron ore carriers, which fell to the lowest level since January 2009. The once obscure Baltic Dry Shipping Index came to prominence at the start of the Chinese-led commodity supercycle around a decade ago. The London-based Baltic Exchange tracks the cost of moving commodities along more than 50 routes around the world and the index is down 63% year to date. Iron ore represents over 20% of the global dry bulk trade and freight rates for so-called Capesize ships which are the dominant vessels for the world's 1.3 billion tonnes seaborne iron ore trade, fell to $5,394 a day on Wednesday. Capesize vessels can haul roughly 160,000–180,000 tonnes and daily rates topped out at an eye-watering $234,000 per day in June 2008. 0 Co
AMI with watling , and others , won't survive so long .even Shandong lum 3 billion dollars , look what they did wit company , and shares?> £4 p.e remmber
AMI , overpaid local staff, one of the reason , can't lower production cost
We are also supporting closer links with the Sierra Leone Institution of Engineers on promoting local content and bringing greater engineering professionalism to the mineral sector. hahaha joke ,joke
If it goes the way I think it will then I will gladly spend time and money uncovering any potential conflict of interest, misleading statements or indeed, wrong doing towards its shareholders,, Grant 79 , you have my full support , I lost 15 K and job as well ,
reason why AMl issued RNs , is obvious , to much rumors about Ft abuse our rail and port , for free
Billion Chinesee , so am sure they will find few managers , supervisors etc ,