Fortescue’s Forrest Sees Floor in Price Slump for Iron Ore

Fortescue Metals Group said prices for the steelmaking ingredient won’t drop much more from theamerican hpc gold and metal separatorir lowest level in 15 months.

“I don’t think they’ve got much lower to fall,” Chairman Andrew Forrest said in an interview with Bloomberg Television yesterday. “China has deliberately slowed its own growth to allow its economy to catch up to keep inflation down. You’ll still see growth rates going from 9.7 percent to 9.1 percent. That’s still massive growth.” Fortescue, controlled by Forrest, Australia’s third-richest person, is spending $8.4 billion to almost triple its export capacity to 155 million metric tons a year. The cash price of iron ore for immediate delivery to China, a benchmark for Asia, dropped the most in more than two years on Oct. 25 as demand from steelmakers waned. Iron ore prices had their biggest daily fall since...