Iron ore spot prices down on China ’s unstable steel futures
The spot prices of iron ore have fallen due to high steel prices holding back demand from buyers. Reuters reported.
It’s known that China’s March annualized production was around 690 million tons, which showed that there is about 70 million tons of capacity on idle.
The Steel Index's 62% iron ore benchmark .IO62-CNI dropped by US$2.10 to US$178.80/ton on Tuesday.
At the same time, the market participants have been expecting more iron ore from India . It’s known that the export ban on iron ore from Karnataka will be removed this week and allow more material to flood the market.
Affected by these factors, the spot prices of iron ore have dropped.
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