Iron ore prices fall to new record low in China

It is reported that iron ore prices in China’s spot market fell to record low on March 23th. 

The main reason is the oversupply, besides, lower demand for steel in the country and greater rigidity in environmental inspections led to the closure of some plants, reducing the country’s appetite for iron ore shipment in the spot market.

Iron ore with prompt delivery in Tianjin port fell by 1.45% to US$54.2/ton. Citibank predicts the iron ore will keep falling to below US$50/ton. Prices of Iron ore have dropped by about 25% in this year, after the fall of 47% in 2014.


Mar 29, 2015 10:09
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