Iron Ore Prices Near Three Year Low

Reuters reported iron ore prices are near their lowest level in three years after losing more than a third of its value in July.

As quoted in the market news:

The most-traded rebar for January delivery on the Shanghai Futures Exchange hit a session low of 3,276 yuan ($520), its weakest since the bourse launched rebar futures in 2009. It closed down 2.1 percent at 3,282 yuan.

Benchmark iron ore with 62 percent iron content dipped 30 cents to $89.10 a tonne on Monday, after Friday’s bounce, according to data provider Steel Index.

Iron ore fell to $88.70 on Thursday, its lowest since October 2009.

Click here to read the full Reuters report.