Weak Steel Demand Lowers Iron Ore Prices

Reuters reported on weakened steel demand in China cutting spot iron ore prices.

As quoted in the market news:

The weakness in steel has kept Chinese mills off the spot iron ore market, forcing sellers in China to cut prices for cargoes from Australia and Brazil, the top two exporters, by another $1 per tonne on Monday, data from industry consultancy Umetal showed.

Click here to read the full Reuters report.