LAUNCESTON, Australia, April 24 (Reuters) - The spot price of iron ore tumbled to a four-month low as Beijing once again talked down the key steel raw material, but as usual the question is whether the intervention will lead to sustained lower prices.
The spot price for benchmark 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, dropped to $110.25 a tonne on April 21, the lowest since Dec. 20.
The price gave up 7.9% from the close of $119.75 a tonne on April 19, the day China's state economic planner, the National Development and Reform Commission, said it would monitor the iron ore market closely and limit what it termed irrational price increases.
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