Iron ore on course for longest losing streak since financial crisis

 
Jessica Morris
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This photo taken on March 5, 2010 shows
Iron ore has suffered amid a slowdown in China's economy (Source: Getty)

Iron ore prices are on course to fall for the ninth week in a row, meaning the steel-making material will clock its longest losing streak in seven years.

Iron ore has shed 3.8 per cent this week, haven fallen to just $38.52 a tonne today. This marks a record low in daily prices compiled by Metal Bulletin, which goes back to May 2009 according to Bloomberg.

The steelmaking commodity has only risen once in the past 13 weeks, with the decline accelerating from late October when the price breached $50.

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The price has fallen more than 47 per cent this year, exceeding losses for all of 2014, and putting it on course for a third straight annual decline.

It's come under pressure as a supply glut has flooded the market, which is simultaneously suffering from weakened demand.

The world's biggest miners, such as Rio Tinto and BHP Billiton, boosted low-cost production to slash costs and protect market share, while steel consumption in China shrank.

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