Iron Ore Price Offers Continue to Fall in China

Reuters reported price offers for imported spot iron ore cargoes in top buyer China fell further on Wednesday after the benchmark rate hit its lowest since November.

As quoted in the market news:

Sellers of foreign cargoes, including those from main suppliers Australia and Brazil, cut prices in China by $1-$2 per tonne on Wednesday, after slashing them by up to $3 the previous day, according to industry consultancy Umetal.

That followed a drop in the price of benchmark 62-percent grade iron ore .IO62-CNI=SI to $129.40 a tonne on Tuesday, its lowest since Nov. 8.

Click here to read the full Reuters report.