Steel Falls, Keeps Pressure On Iron Ore

Reuters reported China’s steel futures slipped again keeping pressure on spot iron ore as neither commodity is expected to recover in the near term.

As quoted in the market news:

Iron ore, down about 17 percent this year, reached its cheapest level in 2-1/2 years as Chinese steel mills, the world’s biggest buyers of the ore, limited spot purchases as they awaited a rebound in steel prices.

Click here to read the full Reuters report.