Iron ore spot prices continue to fall with rumors of trades done $3 below yesterday’s prices: Australian PB fines (Equivalent to Indian 62%) trading at $147.
Profits for steelmakers in China remain thin. There are reports that some of the smaller Chinese steel mills have halted production. A number of mills have scheduled for maintenance for several days up to as long as two months. This is thought to be an attempt to delay steel production until iron ore prices drop further and steel demand improves.
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