Iron Ore Prices Pressured

Greater supply of iron ore and a subdued Chinese steel market may weigh on prices for the steelmaking raw material when China reopens after a week long holiday, Reuters reported via Steel Guru.

As quoted in the press release:

Trading in both iron ore physical and swaps markets remained thin a day before Chinese markets resume trading. Benchmark 62% grade iron ore .IO62-CNI=SI for delivery to top market China stood at USD 131.40 per tonne over the past week, based on data compiled by Steel Index.

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