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Iron Ore May Resume Fall as Demand Declines, Ord’s Arden Says
Nov. 22, 2011 03:03PM PST
Base Metals Investing Bloomberg reported iron ore may resume a decline as steelmakers in China restrict output due to falling demand.
Bloomberg reported iron ore may resume a decline as steelmakers in China restrict output due to falling demand.
As quoted in the market news:
After losing 31 percent in October, the biggest loss since at least December 2008, spot ore surged to $147.40 per metric ton yesterday,The Steel Index Ltd. data show. A seasonal upturn won’t be enough to offset weakness in demand, said Arden, a former geologist who’s followed prices for the past 15 years.