Iron Ore Nears Six-year Low as Chinese Demand Slows

Reuters reported that iron ore slipped near its lowest level in almost six years on the back of decreased demand from China.

As quoted in the market news:

Soft sales have forced more Chinese steel mills to curb production after the Feb. 18-24 Lunar New Year break and hold back on purchases of the steelmaking raw material, traders said.

Iron ore for immediate delivery to China’s Tianjin port <.IO62-CNI=SI> dropped 0.3 percent to $62.80 a tonne on Monday, according to The Steel Index.

The benchmark price, down 12 percent this year after sliding 47 percent in 2014, touched $61.10 in early February, its lowest since May 2009.

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