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Iron ore prices down to all time low since November, 2008

It’s reported that the spot prices of iron ore contain 62% Fe has reached US$128.5/ton on Tuesday, the lowest point since November, 2008.

Since September, the price of the ore has dropped by more than 30% due to slow demand.

The rapid slide of iron ore prices indicates the demand from China is very bad, and many steel mills are cutting production.

China, as the world's largest importer of iron ore purchased about 2/3 of the global seaborne iron ores.

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