Spot Iron Ore Prices Under Pressure

Reuters reported spot iron ore prices are under pressure as China steel futures posted their biggest weekly lost.

As quoted in the market news:

Benchmark iron ore with 62 percent iron content dropped 0.2 percent to $133.70 a tonne on Thursday, according to the Steel Index, the lowest since July 2.

Prices of nearby iron ore forward swaps were likely to extend losses to a fifth day on Friday, as traders bet on a further decline in spot rates.

Click here to read the full Reuters report.