Iron Ore Inches Up, Few Mills Buy

Reuters reported iron ore prices inched up in China as mills refused to buy at higher prices.

As quoted in the market news:

The uncertainties in steel prices will continue weighing on iron ore, the key steelmaking raw material, as low prices will force more loss-making mills to cut production.

Spot prices of iron ore cargoes to China inched up on Wednesday to $117.40 a tonne due to higher offers, but few mills were willing to buy at that price.

Click here to read the full Reuters report.