Iron ore heads for longest bear market in 20 years

摘要

Shanghai/Hong Kong, Oct 3: Iron ore, the commodity most leveraged to China's growth and Australia's biggest export earner, is heading for the longest bear market in 20 years. Vale SA, Rio Tinto Group and BHP Billiton, which control about two-thirds of seaborne iron ore supply, are spending about $47 billion on new and bigger ironore mines fromBrazilto Australia. The new cargoes are set to reach the global market just as China changes gear to lower growth expectations, following what may become its weakest performance since 1990.