Spot Iron Ore Extends Losses

Reuters reported spot iron ore continued to lose ground in trade on Tuesday.

As quoted in the market news:

Spot prices for iron ore delivered to China fell to an eight-month low on Tuesday and are likely to fall further as there are few signs that demand for steel is likely to pick up soon, traders said.

Chinese buyers remain bearish about the prospects for the steel-making raw material, saying there are few signs that steel demand will recover even though data showed manufacturing output in the world’s second-largest economy grew at its fastest pace in nine months in July.

Click here to read the full Reuters report.