Spot Iron Ore Dragging

Reuters reported Chinese low steel prices on Friday have investors doubting higher prices and dragged  iron ore below $140 a tonne for the first time since February.

As quoted in the market news:

Offer prices for imported iron ore cargoes in China fell by up to $2 per tonne on Friday, said industry consultancy Umetal and miners sold material at far lower prices this week.

BHP Billiton sold 61.5-grade MAC iron ore fines at $139.65 per tonne at a tender on Thursday, down from a previous sale of $143, traders said. BHP also sold 58 grade Yandi fines at $129.65 a tonne versus $136.61 at a prior deal in April.

Click here to read the full Reuters report.