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Iron ore sellers cut prices further after nearly 5% drop last week

Chinese iron ore seller cut the price further on Monday due to the downsized demand and is going to keep more slashed room for iron ore after a drop of nearly 5% last week.

It’s known that the Chinese mills deferred the shipment of iron ore and most of the mills are reluctant to purchase due to weak demand.

In addition, the substantially dropped steel prices also caused the iron ore price keep falling.

According to the data, the steel billet prices in main Tangshan area in Heibei province, one of the top steel producing regions of China, hit to RMB3, 580/ton over the weekend, decreasing by more than RMB200/ton in comparison of that in late March.

Moreover, the construction projects on many high-speed railways across China have been stopped due to the fund problems. This definitely brought the big impact on steel demand and prices.