China Steel and Iron Fall From Six-Month High

Reuters reported iron ore fell from six-month highs on Thursday on worries steel demand will fall in China.

As quoted in the market news:

Australian miner Fortescue Metals Group Ltd said it was expecting continued strong demand for iron ore from China, which should help keep prices between $140.50 and $149.50 a tonne for the next year or two.

Benchmark iron ore with 62 percent iron content dropped 0.5 percent to $148.50 a tonne on Wednesday, according to Steel Index. The price hit its highest level in nearly six months of $149.40 last Friday.

Click here to read the full Reuters report.