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Iron ore price nears $US105
MITCHELL NEEMS AND DOW JONES NEWSWIRES MAY 01, 2014 7:30AM
The iron ore price is on the verge of falling back below $US105 a tonne as weakened Chinese steel demand and a refocusing of the Asian nation's economy weigh on sentiment.
Benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US105.40 a tonne, a decrease on the $US108.30 price in the previous session.
In March, the price of iron ore charted its largest one-day price fall in more than four years on persistent fears over China's economy, dropping to as low as $US104.70 a tonne after closing out the previous week at $US114.20 a tonne.