Iron Ore: Sellers Cut Prices

Reuters reported sellers cut iron ore prices on sagging steel trade in China.

As quoted in the market news:

Benchmark iron ore with 62 percent iron content dropped 0.6 percent on Friday to close the past week down nearly 1 percent, its third straight weekly loss.

The Shanghai trader said he expects iron ore prices to drop by another $4-$5 a tonne this week.

Click here to read the full Reuters report.