Iron Ore Falls Supporting Lower Prices

Reuters reported steel prices jumped as lowered iron ore prices supported the metal.

As quoted in the market news:

…falling domestic iron ore inventory supported prices of the steelmaking raw material.

The most-traded October rebar contract on the Shanghai Futures Exchange hit a high of 4,371 yuan a tonne ($693), its strongest since mid-January, before ending at 4,367 yuan, up 13 yuan from Monday’s close.

Click here to read the full Reuters report.