Iron ore prices plunge to six-year lows on impact from China market meltdown
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Sydney
IRON ore prices plunged to fresh six-year lows on Thursday as contagion from China's stock market rout hurt commodity markets, with resource-heavy economies like Australia bearing the brunt.
The spot price of iron ore took its biggest one-day hit ever overnight, falling 10 per cent to US$44.59 a tonne, analysts said, as demand in China continues to shrink. Prices were last at this level in May 2009.
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