Base Metals

Bloomberg reported steelmaker demand for iron ore is weakening, threatening to end the most profitable shipping rates in almost a year.

Bloomberg reported steelmaker demand for iron ore is weakening, threatening to end the most profitable shipping rates in almost a year.

As quoted in the market news:

Ore stockpiles at ports in China, the largest user, already expanded to within 3.6 percent of a record, according to Antaike Information Development, a Beijing-based researcher. Chinese steelmaking is near the least profitable in almost three years, data compiled by Bloomberg Industries show. Iron-ore swaps, traded by brokers and used to bet on future costs, show no price rebound until at least 2013.

Click here to read the full Bloomberg report.

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