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Warning: Iron ore price 'unusually stable'

Iron ore prices have held up remarkably well during the coronavirus crisis, baffling observers. Yesterday’s price of about US$90/tonne was the same as at the start of the year.

Warning: Iron ore price 'unusually stable' Warning: Iron ore price 'unusually stable' Warning: Iron ore price 'unusually stable' Warning: Iron ore price 'unusually stable' Warning: Iron ore price 'unusually stable'

"Unusually stable" was the way London broker SP Angel described the iron ore market last week, a phrase that carried with it a whiff of disbelief.

So what's happening?