Chinese Mill Sees Iron Ore Price Drop

Reuters reported iron ore trading remained slow on Friday as prices continued to drop.

As quoted in the market news:

Spot iron ore prices were steady to lower amid few bids on Friday, with Chinese steel producers hesitant to pick up fresh cargoes as weaker steel demand curbed output.

China’s first interest rate cut in nearly four years, announced late on Thursday, was unlikely to spur demand significantly, given the modest quarter-percentage point reduction and the country’s steel overcapacity.

Click here to read the full Reuters report.