Spot prices of Iron Ore fell again overnight dropping to a fresh seven-month low. The 62% grade was down over 2.5% to close at $57.02 per ton.
During the month of May, Iron Ore dropped over 17%, extending its decline from the multi-year high of $95.00 last traded in February.
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Mining names BHP, RIO and FMG are all under pressure in early trade losing more than 1% each.
FMG has reached an eight-month low of $4.70. We see the next downside targets on Rio and BHP at $59.50 and $22.50, respectfully.
Rio Tinto
BHP
Fortescue Metals
