Ore with 62 percent iron on Friday fell to $ 38.30 a dry tonne at Qingdao port. This is evidenced by data from Metal Bulletin.
The record drop in prices was driven by overproduction of ore and a reduction in steel production in China, whose factories are the largest consumers of iron ore in the world.
In November, Chinese metallurgists reduced steel production by 1.6 percent - to 63.32 million tons, and over 11 months, steel production in the PRC fell by 2.2 percent - to 738.4 million tons.
Iron ore prices are down 46 percent this year after BHP Billiton Ltd. and Rio Tinto Group in Australia and Vale SA in Brazil announced production expansion.
Iron ore fell to $ 38.30 per ton on Friday
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Azovpromstal® 12 December 2015 г. 10:34 |
