Iron ore followed coppers trend and slipped into a bear market following the latest data about Chinas economical slowdown. JPMorgan Chase & Co. cut its growth estimate this year for the Asian nation from 8% to 7,6%, negatively impacting iron ores price. China is its world biggest consumer and these events lead to a 20% drop of its price since its peak on February 20th.
Alan Chirgwin, general manager of iron ore marketing at BHP Billion LTD. said May 8 that prices will decline as supplies expand faster than demand in the long term. According to him low-cost supplies mainly from Australia and Brazil will replace more expensive output and exceed Chinese demand.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
