Reuters reported that spot iron ore fell almost 9 percent in January and has now retreated to its lowest level since July. The declines came on the back of low steel prices in China.
As quoted in the market news:
Traders were unsure if prices will pick up in February.
‘Some believe there will be demand driven by stockpiling after the Chinese New Year, but some also believe that the overall sentiment is still very weak so any potential buying could be limited,’ said a trader in Singapore.
Iron ore for immediate delivery to China’s Tianjin port dipped 20 cents to $122.40 a tonne on Wednesday, its weakest since July 8, according to data compiled by Steel Index.