Iron Ore Prices May Follow Rebar Down

Reuters reported iron ore prices may fall as Shanghai rebar futures fell after jumping up nearly six percent on Friday.

As quoted in the market news:

Despite Friday’s jump, iron ore is still a quarter down from levels in early July. Prices fell to a near three-year low of $86.70 on Sept. 5, as poor steel demand pushed Chinese buyers away from the market.

The collapse in iron ore prices to nearly half over the past year has forced world No. 4 iron ore miner Fortescue Metals Group to restructure an $11 billion debt load, details of which it is expected to announce on Tuesday.

Click here to read the full Reuters report.