Spot Iron Ore At Lowest Prices Since December 2009

Reuters reported low buying from China drove spot iron ore prices to their lowest since December 2009 amid sluggish Chinese steel demand that is preventing a rebound in iron ore.

As quoted in the market news:

Iron ore is taking a hit as China’s economy slows, with the demand outlook dimmed further by data last week, including weak trade numbers, that cast doubts on an anticipated recovery in the second half of 2012.

Iron ore with 62 percent iron content, the industry benchmark, dropped 0.8 percent to $112.90 a tonne on Monday, according to the Steel Index.

Click here to read the full Reuters report.