Iron ore prices slumped below USD 50/MT in Chinese seaborne market amid increasing low cost supplies from global miners like Rio, BHP. Prices have corrected over 16% in last three months, 30% in last 6 months and 50% in last one year.
In comparison with Apr’14, Spot Iron ore fines (Fe 62%) prices have fallen by 50% in Mar’15 owing to supply glut from world’s major miners and sluggish demand of steel in China. Also strict environmental concerns have compelled small steel mills to cut production.
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