Iron Ore Drops, Steel Hits Record Lows

Reuters reported iron ore prices were pushed down to levels last seen in 2009 as China steel demand hit record lows than pared losses on Wednesday.

As quoted in the market news:

Price offers for imported iron ore cargoes in China dropped by a further $2 per tonne on Wednesday, said Beijing-based industry consultancy Umetal. Credit rating agency Fitch said the price weakness in both steel and iron ore should continue through to the end of the first quarter of 2013.

Click here to read the full Reuters report.