Alcoa Says Iron Ore Is Whistling Past Graveyard

Aluminum mining giant Alcoa (NYSE: AA) kicked off the earnings season with a report that indicates the rally in iron ore prices is little more than wishful thinking. The impact from the rapid deceleration in China's economy is going to be widespread, and the recent comments from iron ore miner Vale (NYSE: VALE) expecting the long-term price of the mineral to trade between $65 and $80 per tonne is simply whistling past the graveyard.