Iron Ore Prices Crash on Poor Weather Conditions in East and South China

SHANGHAI, Mar 28 (SMM) - The impact of the credit crisis and the 25-basis-point rate hike by the US Fed has aroused market concerns about the weakening of the macro economy. The impact of the credit crisis and the 25-basis-point rate hike by the US Fed has aroused market concerns about the weakening of the macro economy. Last week, pessimism filled the ferrous metals market. According to SMM data, the construction steel stocks fell slowly. The iron ore apparent demand decreased sharply owing to the poor weather conditions in east and south China, resulting in a crash in iron ore prices. The spot prices of PB fines at ports in Shandong lost 30-40 yuan/mt on a weekly basis.