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Iron ore fell to a five-year low yesterday as China’s property market showed renewed signs of weakness.
铁矿石昨日跌至五年低位，原因是中国房地产市场再度呈现疲软迹象。
Benchmark Australian ore for delivery into China was assessed at $72.10 a tonne, down 4 per cent, according to data from the Steel Index.
根据“钢铁指数”(Steel Index)的数据，基准的澳大利亚铁矿石的中国交货价格被定在每吨72.10美元，下降4%。
It has fallen more than 40 per cent this year as a wave of new seaborne supply of the key steelmaking ingredient from miners in Australia and Brazil has hit the market at the same time as demand growth has slowed.
这个价格今年迄今累计下跌逾40%，来自澳大利亚和巴西矿商的大量新增海运铁矿石供应进入市场，而与此同时需求增速有所放缓。铁矿石是炼钢的关键原料。
A drop in new home prices in almost all Chinese cities tracked by the government was behind the latest downward move in prices. China is heavily dependent on imports of iron ore, buying about 75 per cent from overseas.
中国政府追踪的国内大中城市新房价格几乎全部下降，是铁矿石价格最新下挫的主因。中国严重依赖进口铁矿石，从海外采购约75%。
Many traders had expected prices to rebound as domestic steel mills and sinter plants (where iron ore fines are mixed with coking coal and partially smelted), closed by the government ahead of the Apec economic summit in Beijing, came back on line. However, this has not happened.
许多交易商此前预计，随着亚太经合组织(APEC)在北京举行峰会之前被政府关闭的中国钢厂和烧结厂（将铁精矿与焦煤混合，进行部分冶炼）恢复生产，铁矿石价格将会反弹。然而，这种情况并未发生。
New home prices had dropped in October in 67 out of 70 cities from a year earlier, and in 69 during September, the National Bureau of Statistics said yesterday.
中国国家统计局(NBS)昨日表示，全国70个大中城市10月新建商品住宅价格同比下降的城市有67个，与9月相比价格下降的城市有69个。
At current prices about 200m tonnes of seaborne iron ore is unprofitable, according to Melinda Moore, an analyst at Standard Bank. She expected a further 100m tonnes to hit the market next year, overwhelming expected Chinese demand growth of 30m tonnes. “It’s a game of chicken now about who is going to turn off first,” she said.
标准银行(Standard Bank)分析师梅林达•摩尔(Melinda Moore)表示，按目前价格，大约2亿吨的海运铁矿石无利可图。她预计，明年还将有1亿吨新增供应投放市场，远远超过3000万吨的中国需求增长预测。“现在这成了一场博弈游戏，看谁最先撑不下去，”她说。
In the past couple of weeks, analysts have been cutting their price targets for iron ore. The Australia and New Zealand Banking Group forecasts an average price of $78 a tonne for 2015, while Citi is forecasting $65 and said prices could briefly dip to $50.
近两周来，分析师们削减了铁矿石目标价格。澳大利亚和新西兰银行集团(Australia and New Zealand Banking Group)预测2015年平均价格为每吨78美元，而花旗(Citi)预测均价为65美元，并称价格可能短暂跌至50美元。
Rio Tinto’s share price has dropped 4.7 per cent this month in London, while fellow miner BHP Billiton has declined 0.89 per cent.
力拓(Rio Tinto)股价本月在伦敦下跌4.7%，而同为矿商的必和必拓(BHP Billiton)股价下跌0.89%。
Vale of Brazil has sunk 14.8 per cent.
巴西淡水河谷(Vale of Brazil)股价下滑14.8%。
Low prices are testing China’s domestic iron ore miners, which are likely to close in the next six to 12 months, according to ANZ.
低廉的价格正在考验中国国内的铁矿石生产商。据澳新银行(ANZ)分析，它们很可能在接下来6到12个月内停业。
