Iron Ore Trades At $116.60

Reuters reported iron ore traded at $116.60 on Tuesday and may lose another $5.

As quoted in the market news:

Buying interest for iron ore cargoes from top consumer China remained thin on Tuesday as uncertainty over when steel demand will pick up depressed appetite for the raw material.

Benchmark iron ore prices, which hit their lowest in 31 months last week, could fall further amid ample spot supplies as miners continue to offer material, hoping some Chinese mills will return to the market to replenish inventories.

Click here to read the full Reuters report.