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Reuters reported spot iron ore prices have been dragged to the lowest price in six weeks on weakening steel demand from China.
Reuters reported spot iron ore prices have been dragged to the lowest price in six weeks on weakening steel demand from China.
As quoted in the market news:
The Chinese steel market has been subdued since late last year, reflecting tight credit conditions and continuing property curbs, although most market players are expecting a pickup next month with construction activity due to resume after winter.
They include Australian miner Fortescue Metals Group, which sells the bulk of its iron ore to China, and said on Wednesday it expects iron ore prices to rise in the near term.