Slow Steel Demand in China Weighs on Iron Ore

Reuters reported sluggish steel demand in China is pushing the price of iron ore to lower prices since December.

As quoted in the market news:

Slower steel demand in China, the world’s biggest consumer and producer, has weighed on demand for raw material iron ore.

Traders say spot prices could drop further this week before reaching a level that would lure buyers back into the market, with steel producers’ margins getting squeezed.

Iron ore with 62 percent iron content fell 1.8 percent to $134.30 a tonne on Friday, according to Steel Index, the lowest level since Dec. 20.

Click here to read the full Reuters report.