reported that iron ore prices in China’s spot market fell to record low on
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
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.