Reportedly, Canadian Iron Ore Co. is slashing 150 employees from its mine in Labrador City. There are currently about 2,000 people works.

As iron ore prices keep weakening, analysts see a number of high-cost miners would be forced out of market in the next 3 years. These miners could hardly improve their balance sheets to survive.

Benchmark iron ore prices at Tianjin Port of China came down slightly to $47.8/ton, following a bottom rate $46.7/ton of decade low.