WSJ: Slowing China growth, new Australian mines threaten iron ore prices

|By:, SA News Editor

Iron ore prices were relatively strong last year but China's moderating economy combined with new iron ore mines coming online in Australia may impact prices, which could hurt the outlook for companies such BHP Billiton (BHP) and Rio Tinto (RIO), WSJ reports.

Australia's iron ore miners remain upbeat on the outlook, however, saying they continue to sell everything they dig up.

RIO argues it has some of the lowest mining costs in the world, meaning it can still make money if prices weaken; the miner says it costs less than $50/ton to produce and ship ore from the resource-rich Pilbara region in Western Australia.