Iron Ore-Spot Extends Losses

Reuters Africa reported that spot iron ore prices lost more ground on weaker demand from China.

The market news is quoted as saying:

Falling steel prices and huge stockpiles of iron ore at China ports, which had topped 80 million tonnes, are keeping mills and traders from snapping up supplies even as exports from No. 3 supplier India are bound to get more costly after the country raised export taxes on iron ore fines to 20 percent from 5 percent.

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