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Asian iron ore prices drop by 9% for Q2

The prices of iron ore for Japan and South Korea slid sharply for second quarter of 2012, especially on the price of iron fine ore in Pilbara dropping by 9% from Q1 of 2012 to around US$130/ton FOB. The price has declined for three weeks in a row.

For steel product market in China, the stock has reached a high level of 19 million tons in February due to low demand. Also, the production of crude steel curtailed to about 52 million tons in January, down by 13% from a year ago.

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