Iron Ore Prices Slashed Lower

Reuters reported sellers slashed iron ore prices even more on Monday in an effort to bring back buyers.

As quoted in the market news:

Shanghai rebar futures hit a record contract low on Monday and sellers slashed iron ore price offers further, hoping to lure back buyers as benchmark rates languished at the lowest level in nearly three years.

Iron ore prices have fallen more than 33 percent from this year’s peak, but traders said Chinese steel mills, the world’s biggest buyers, were waiting for prices to decline further with no signs that China’s steel demand will recover anytime soon.

Click here to read the full Reuters report.