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Mining of banded iron formations involves coarse crushing and screening Over the last 40 years iron ore prices have been decided in closed door negotiations between the small handful of miners and steelmakers which dominate both spot and contract markets

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Iron ore fell 5 1 to US 65 20 a tonne overnight but futures are lower again and point to falls of nearly 7 for the spot metal As usual the smaller iron ore miners with their higher costs and lower profit margins are getting hit the hardest There could be more pain to come with iron ore

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Iron is the world s most commonly used metal steel of which iron ore is the key ingredient representing almost 95 of all metal used per year It is used primarily in structural engineering applications and in maritime purposes automobiles and general industrial

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By Frik Els After attempting a comeback since ending September at a more than 5 year low of 77 50 a tonne including a surge on Monday iron ore prices are getting crushed again

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