Iron ore drops to eight-week low as China credit gauge plunges


Iron ore prices sink to their lowest levels in nearly eight weeks as a credit gauge in China plunged, adding to worries about slowing demand.

China’s broadest measure of new credit slumped in July to the lowest level since the global financial crisis; prices already had tumbled 31% YTD as mining companies increased output, pushing the market into a glut.

BHP -0.8%, RIO -3.5%, VALE -0.2% premarket.

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Comments (3)
  • Tda
    , contributor
    Comments (125) | Send Message
     
    This could be a good time to buy more Vale. The Doomsday Clock is back up to 5 minutes before midnight, which means the need for war materiel may follow. Who will trigger WWIII? Will it be Iran, N. Korea, ISIS, China, Russia, the U.S., or another nation/group?
    If peace prevails instead, then growth will resume. Either way, iron will be required.
    13 Aug 2014, 09:40 AM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (1466) | Send Message
     
    I would steer clear of anything related to Brazil.

     

    Vale has a very prolific chart that goes from the upper left to the lower right since 2011.
    13 Aug 2014, 10:57 AM Reply Like
  • jamespugh534
    , contributor
    Comments (15) | Send Message
     
    Will come back
    15 Aug 2014, 09:49 AM Reply Like
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