Not new news, just noting this: Benchmark price for iron ore is now down 35% year-to-date

Not new news (from the Financial Times yesterday and doing a catch-up now)

• Australia’s benchmark price for iron ore is now down 35% year-to-date
• Is only 40 cents above its 5-year low
• Cites “drastic” increases in production and shipping volume by the largest producers (Vale, Rio Tinto, BHP Billiton,) in the first half of the year
• Says the China Iron and Steel association has urged factories to run down supplies instead of re-stocking as they anticipate lower prices ahead

more at the Financial Times (gated, but can be read with a free registration): Data pointing to flagging China demand send iron ore tumbling