Spot Iron Ore Slips Near $110

Reuters reported spot iron ore slipped on Tuesday as lower steel prices in China discouraged steel mills from buying more of the raw material after some replenished stockpiles last week.

As quoted in the market news:

Slow Chinese steel demand and uncertainty over when it will pick up significantly have forced producers to limit iron ore purchases, trapping prices in narrow ranges below $120 a tonne and clouding prospects for the raw material to rebound to this year’s highs.

Price offers for iron ore cargoes in China from top exporter Australia fell by a dollar per tonne on Tuesday, according to Beijing-based consultancy Umetal.

Click here to read the full Reuters report.