Iron Ore Drops on Slower Chinese Steel Buying

Spot iron ore prices pulled further away from three month highs reached last week as Chinese steel mills slowed buying of the raw material on expectations of softer steel demand for the rest of the year, Steel Guru reported via Reuters.

As quoted in the market news:

Shanghai steel futures dropped to their lowest in three weeks on Wednesday after an industry group warned appetite would remain weak in the second half. But both iron ore and steel are on track for their best monthly performances in at least six months, helped by an earlier restocking binge.

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