Spot Iron Ore Rally Stalls On Slow Steel Demand

Reuters reported a recent rally in iron ore may stall as demand for stell in China dwindles.

As quoted in the market news:

Spot iron ore prices may struggle to stretch gains this week, as supply outpaces demand with China’s steel market staying sluggish, raising the risk for traders hoping to resume a recent 10-day rally.

Price offers for imported iron ore cargoes in China, the world’s biggest buyer of steel’s raw material, were steady on Monday, although major miners Vale and BHP Billiton are slated to sell cargoes via tenders, traders said.

Click here to read the full Reuters report.