China Iron Ore Prices to Fall Further, SMM Foresees

SHANGHAI, Oct. 28 (SMM) – Iron ore prices in China’s domestic market are expected to fall further this week, Shanghai Metals Market foresees. 

“Price declines will continue into this week’s iron ore market due to falling steel prices,” SMM says. 

Last week, steel prices extended losses, with hot-rolled steel down 13 yuan to yuan 1,923 per tonne, and the Platts Index (62%) also fell $2 yuan to $51.8 per tonne. 

“Any downward room, however, will be small as mines turn reluctant to lower price further,” SMM explains.  

Some North China-based mines have suspended shipments against low prices and weak demand, SMM survey shows.  

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