Description
Prices of iron ore cargoes with a 62% iron content fell below $103, retreating from one-week highs amid persistent demand concerns from top consumer China. Worries that China’s steel exports could slow in the coming months also weighed on the market. Moreover, steel mills continued to face pressure from declining sales and profitability. On the supply side, port inventory in China rose in July despite growing global iron ore shipments. Meanwhile, investors remain hopeful that Chinese authorities will step up policy support measures to boost the economy. Markets also continued to bet on aggressive interest rate cuts from the Federal Reserve amid signs of a slowing economy.
Iron Ore
Iron ore prices refer to Iron Ore Fine China Import 62 percent grade Spot Cost and Freight for the delivery at the Chinese port of Tianjin. Is used to make steel for infrastructure and other construction projects. The biggest producers of iron ore are China, Australia and Brazil. Others include India, Russia, Ukraine and South Africa.
