Iron Ore Reaches 8 1/2 Month Low

Reuters reported Shanghai rebar futures hit a contract low for the eighth time in nine sessions on Friday, pulling down iron ore to 8-1/2 month lows.

As quoted in the market news:

Miners have curbed spot sales of iron ore amid thin appetite from Chinese steel mills, the biggest buyers of the raw material, and concern unloading more cargoes into the market would fuel a further drop in prices, traders said.

Click here to read the full Reuters report.